ChipPAC receives consents from 2½% noteholders

New York, Nov. 2 - Stats ChipPAC Ltd. said its wholly owned ChipPAC Inc. subsidiary received the necessary consents to amend the indenture of its 2½% convertible subordinated notes due 2008.

By the expiration date of 5 p.m. ET on Nov. 1, holders had delivered consents for $130.5 million or 87% of the convertibles.

Stats ChipPAC, a Singapore-based high tech manufacturing company, announced the solicitation on Oct. 18, saying the purpose was to replace the current requirements for providing annual reports and other documents and information to the Securities and Exchange Commission with an obligation to file all such reports with the SEC as are applicable to a foreign corporation.

The company said it will pay holders who delivered consents a fee of $2.50 per $1,000 principal amount of such notes.

Deutsche Bank Securities Inc. is solicitation agent. (call Jenny Lie at 866 627-0391 or collect at 212 250-2955). The information agent is Global Bondholder Services Corp. (call 866 470-4300 or collect for banks and brokers at 212 430-3774).

© 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.