Singapore's Stats ChipPAC gets tenders for $164.87 million 6¾% notes

By Susanna Moon

Chicago, Aug. 30 - Stats ChipPAC Ltd. said holders had tendered $164.87 million principal amount, or 77.4%, of its $213 million of 6¾% senior notes due 2011 as of 5 p.m. ET on Aug. 27, the expiration for the tender offer.

On Aug. 11 the company said it had received tenders and consents for $162.92 million principal amount, or 76.49%, of the 6¾% notes as of 5 p.m. ET on Aug. 10, the consent deadline.

As previously noted, holders will receive $1,018.88 for each $1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which is expected to be Sept. 3. The offer began July 30.

This total includes a $3.00 consent payment. Holders who tendered after the consent deadline will not receive the consent payment.

The company solicited consents to amend the note indenture to eliminate or modify substantially all of the restrictive covenants, reporting obligations, events of default and other provisions.

The company said it expected to fund the offer with borrowings under its $360 million senior credit facility, a portion of the proceeds from a new issue of notes and cash on hand.

On Aug. 4, the company priced a $600 million issue of five-year senior notes at par to yield 7½%.

The dealer managers for the tender offer were 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). The tender and information agent was Lucid Issuer Services Ltd. (attn: Yves Theis or Sunjeeve Patel at 44 20 7704 0880 or statschippac@lucid-is.com).

Singapore-based Stats ChipPAC provides semiconductor packaging design, assembly, test and distribution services.

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