Singapore's Stats ChipPAC tenders for any, all $213 million 6¾% notes

By Jennifer Chiou

New York, July 30 - Stats ChipPAC Ltd. announced the start of a cash tender offer for any and all of its $213 million of 6¾% senior notes due 2011.

The Singapore-based semiconductor maker is also soliciting consents to amend the note indenture to eliminate or modify substantially all of the restrictive covenants, reporting obligations, events of default and other provisions.

For each $1,000 principal amount, the company will pay $1,018.88, including a $3.00 consent payment for those who tender prior to 5 p.m. ET on Aug. 10.

Holders will also receive accrued interest to the settlement date.

The tender will wrap at 5 p.m. ET on Aug. 27.

Financing for the offer is anticipated from borrowings under the company's $360 million senior credit facility and a portion of the proceeds from a new issue of notes as well as cash on hand.

The tender and information agent is Lucid Issuer Services Ltd. (attn: Yves Theis or Sunjeeve Patel at 44 20 7704 0880 or statschippac@lucid-is.com). The dealer managers are Credit Suisse Securities (Europe) Ltd. (44 20 7883 6748); Credit Suisse (Hong Kong) Ltd. (852 2101 6000 or liability.management@credit-suisse.com); and Deutsche Bank AG, Singapore Branch (65 6423 5342).

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