New Issue: Global A&T prices $625 million six-year notes at par to yield 10%

By Paul A. Harris

Portland, Ore., Jan. 31 - Singapore-based semiconductor company Global A&T Electronics Ltd. priced $625 million of six-year senior secured notes (B1/B/) at par to yield 10% on Thursday, according to a market source.

The yield printed on top of yield talk.

Merrill Lynch (Singapore) Pte. Ltd., Credit Suisse (Singapore) Ltd., J.P. Morgan (S.E.A.) Ltd. and UBS AG, Singapore Branch were the bookrunners.

Proceeds will be used to repay existing first-lien credit facilities.

Issuer:	Global A&T Electronics Ltd.
Amount:	$625 million
Maturity:	Feb. 1, 2019
Securities:	Senior secured notes
Bookrunners:	Merrill Lynch (Singapore) Pte. Ltd., Credit Suisse (Singapore) Ltd., J.P. Morgan (S.E.A.) Ltd., UBS AG, Singapore Branch
Coupon:	10%
Price:	Par
Yield:	10%
Spread:	882 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2016, then callable at 105, 102.5, par on and after Feb. 1, 2018
Equity clawback:	35% at 110 until Feb. 1, 2016
Trade date:	Jan. 31
Settlement date:	Feb. 7
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	10% area
Marketing:	Roadshow

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