SEC Filings

20-F
TOWER SEMICONDUCTOR LTD filed this Form 20-F on 04/10/2017
Entire Document
 

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share data)
 
NOTE 12      -        LONG-TERM LOANS FROM BANKS
 
A.
Composition:
 
   
As of December 31,
 
   
2016
   
2015
 
In U.S. Dollars, see also B, Cand E below
 
$
40,000
   
$
101,955
 
In JPY, see also D below
   
126,376
     
143,675
 
Total long-term loans from banks - principal amount
   
166,376
     
245,630
 
Fair value adjustments
   
--
     
(7,900
)
Deferred issuance costs
   
(1,344
)
   
(511
)
Total long-term loans from banks
   
165,032
     
237,219
 
Current maturities
   
(31,869
)
   
(26,681
)
   
$
133,163
   
$
210,538
 
 
B.
Facility Agreement with Israeli Banks

In June 2016, following the issuance of the Series G Debentures, as detailed in Note 13D below, Tower prepaid all of the outstanding loans under the facility agreement (“Facility Agreement”) with the two largest Israeli banks, Bank Leumi and Bank Ha’poalim (“the Israeli Banks”), thereby releasing Tower from the extensive contractual restrictions and covenants under the Facility Agreement with the Israeli Banks, as well as all fixed and floating liens that were charged on Tower’s assets (present and future) in favor of said Israeli Banks. As of June 30, 2016, the liens were fully released. The Facility Agreement was carried at fair value with changes recognized in financing expenses. For the changes in the fair value for the years ended 2016 and 2015, see Note 14E.

F - 27