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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt Short-term borrowings and long-term debt consist of the following:
| December 31,
| 2024 |  | 2023
| (In thousands)
Debt of Amkor Technology, Inc.: |  |  |
Senior notes: |  |  |
6.625% Senior notes, due September 2027 | $ | 525,000 |  |  | $ | 525,000 |
Debt of subsidiaries: |  |  |
Amkor Technology Korea, Inc.: |  |  |
Term loan, fixed rate at 3.95%, due May 2027 (1) | — |  |  | — |
Term loan, fixed rate at 2.12%, due December 2028 | 200,000 |  |  | 200,000 |
Amkor Technology Japan, Inc.: |  |  |
Short-term term loans, variable rate (2) | — |  |  | 5,098 |
Term loan, fixed rate at 1.35%, due December 2024 | — |  |  | 40,414 |
Term loan, fixed rate at 1.20%, due December 2025 | 13,868 |  |  | 30,913 |
Term loan, fixed rate at 1.23%, due December 2026 | 33,333 |  |  | 55,729 |
Term loan, fixed rate at 1.59%, due December 2027 | 59,923 |  |  | 89,053 |
Term loan, fixed rate at 1.80%, due December 2028 | 89,059 |  |  | 124,078 |
Term loan, fixed rate at 2.05%, due December 2029 (3) | 108,779 |  |  | — |
Amkor Assembly & Test (Shanghai) Co., Ltd.: |  |  |
Term loans, SOFR plus 0.75%, due June 2025 | 35,000 |  |  | 37,000 |
Term loans, SOFR plus 0.75%, due 2025 | 55,500 |  |  | 57,500 |
Term loans, SOFR plus 0.95%, due December 2026 (4) | 44,000 |  |  | 45,000 |
Other: |  |  |
Senior secured revolving credit facility, applicable bank rate plus 1.75%, due March 2027 (Singapore) (5) | — |  |  | — |
| 1,164,462 |  |  | 1,209,785 |
Less: Unamortized discount and deferred debt costs, net | (5,002) |  |  | (6,329) |
Less: Short-term borrowings and current portion of long-term debt | (236,029) |  |  | (131,624) |
Long-term debt | $ | 923,431 |  |  | $ | 1,071,832 |
(1)In April 2021, we entered into a ₩80 billion term loan agreement with the option to borrow and re-borrow the funds up to six times per year through April 2024 at a fixed rate of 1.85%. In May 2024, we replaced this loan by entering into a ₩80.0 billion (approximately $59 million) term loan agreement with the option to borrow and re-borrow the funds up to six times per year through May 2027. Principal is payable at maturity, and interest is payable monthly, at a fixed rate of 3.95%. During the year ended December 31, 2024, we borrowed $58.7 million, which we immediately repaid. As of December 31, 2024, ₩80.0 billion, or approximately $54 million, was available to be drawn. (2)We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. As of December 31, 2024, $6.0 million was available to be drawn. (3)In December 2024, we borrowed ¥17.1 billion (US$113.9 million) under a new term loan agreement due December 2029, guaranteed by Amkor Technology, Inc. and our subsidiary, ATSH. Principal is due in 20 equal, quarterly installments plus accrued interest, through maturity. (4)In February 2024, Amkor Assembly & Test (Shanghai) Co. Ltd. amended the term loan due December 2026 to reduce the interest rate from SOFR plus 1.40% to SOFR plus 0.95%. This contractual amendment is treated as a modification with no recognized gain or loss. (5)In March 2022, ATSH entered into the 2022 Singapore Revolver, which is guaranteed by Amkor Technology, Inc., ATT and AATT. The maximum borrowing capacity under the 2022 Singapore Revolver is limited to a base amount equal to the lesser of: (1) $600.0 million; or (2) $250.0 million plus a variable amount equal to 37.5% of our consolidated accounts receivable balance. As of December 31, 2024, $600.0 million was available for future borrowings under the 2022 Singapore Revolver. Certain of our foreign debt is collateralized by the land, buildings, equipment and accounts receivable in the respective locations. As of December 31, 2024 the collateralized debt balance was $639.5 million, of which $286.1 million of assets were pledged as collateral. Interest Rates Interest is payable semiannually on our senior notes and quarterly or monthly on our other fixed- and variable-rate debt. Refer to the table above for the interest rates on our fixed-rate debt and to the table below for the interest rates on our variable-rate debt.
| December 31,
| 2024 |  | 2023
Amkor Technology Japan, Inc: |  |  |
Short-term term loans, variable rate | — | % |  | 0.24 | %
Amkor Assembly & Test (Shanghai) Co., Ltd.: |  |  |
Term loans, SOFR plus 0.75% due June 2025 | 5.15 | % |  | 6.07 | %
Term loans, SOFR plus 0.75%, due 2025 | 5.15 | % |  | 6.07 | %
Term loans, SOFR plus 0.95%, due December 2026 | 5.28 | % |  | 6.76 | %
Compliance with Debt Covenants The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc., ATT, AATT and ATSH guarantee certain debt of our subsidiaries. The agreements governing our indebtedness contain affirmative and negative covenants which restrict our ability to pay dividends and could restrict our operations. These restrictions are determined in part by calculations based upon cumulative net income and do not currently have a material impact on our ability to make dividend payments or stock repurchases. We were in compliance with all debt covenants at December 31, 2024 and 2023. Maturities
| Total Debt
| (In thousands)
Payments due for the year ending December 31, |
2025 | $ | 236,029 |
2026 | 173,662 |
2027 | 638,995 |
2028 | 94,020 |
2029 | 21,756 |
Thereafter | — |
Total debt | $ | 1,164,462 |

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