DES PLAINES, Ill. -- Littelfuse Inc. said it has designated First National Bank of Chicago as lead bank and agent to refinance $94 million of debt.

James F. Brace, vice president, treasurer, and chief financial officer of Littelfuse, said the unsecured package will consist of a $45 million fixed-rate private placement, a $25 million floating-rate bank term loan, and a $40 million floating-rate bank revolving loan. The borrower's costs will decline from current loans tied to the London interbank offered rate and the U.S. prime rate.

The fuse maker has retired $31 million of additional debt inherited early last year when it was spun off into an independent public company.

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