MKS Instruments (MKSI) said Friday it has completed repricing its $2.50 billion and 600 million euro ($628.4 million) secured B term loans maturing in 2029, lowering interest rates on both tranches.

The company said it also made a $100 million voluntary prepayment on its US dollar tranche, reducing the loan principal to $2.50 billion.

The repricing reduces the interest rate on the US dollar loan to secured overnight financing rate plus 200 basis points and the euro loan to euro interbank offered rate plus 250 basis points, MKS said.

The company expects the changes, combined with the prepayment, to save about $15 million annually in cash interest, based on current rates.

MKS Chief Financial Officer Ram Mayampurath said the repricing supports efforts to reduce debt and improve free cash flow.