ASAT amends, extends consent solicitation for 9¼% notes

By Susanna Moon

Chicago, Aug. 17 - ASAT Holdings Ltd.'s New ASAT (Finance) Ltd. subsidiary amended the terms of its consent solicitation for its $150 million of 9¼% senior notes due 2011 and extended the deadline until 5 p.m. ET on Aug. 23, according to a press release.

The expiration was extended from 5 p.m. ET on Aug. 20. It began on July 31.

The company said that ASAT Holdings would now pay a consent fee in the form of warrants exercisable for a total of 5% of ASAT Holding's outstanding common shares. Holders of record as of 5 p.m. ET on July 25 are eligible to deliver consents.

The warrants are exercisable at $0.01 per share until Feb. 1, 2011.

ASAT said it is seeking to amend the indenture to eliminate all the restrictions on the value of assets that can be held at its Chinese subsidiary, allow it to secure financing from additional sources and extend the deadline for fulfilling reporting obligations.

Piper Jaffray & Co. (212 284-9589) is the solicitation agent. The Bank of New York is information agent and tabulation agent (+65 6432-0346).

ASAT is a provider of semiconductor package design, assembly and test services based in Hong Kong and Milpitas, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.