STATS ChipPAC announces senior notes offer concurrent with exchange

By Paul A. Harris

Portland, Ore., Feb. 14 - Singapore-based STATS ChipPAC announced in a Thursday press release that it intends to make an offering of new dollar-denominated senior notes via Rule 144A and Regulation S.

The deal is coming concurrently with a $600 million exchange offer for the company's 7½% senior notes due 2015. The exchange, which is being led by dealer managers Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., has a March 1 early commitment date.

The semiconductor company intends to use the proceeds from the new notes to refinance the notes which are not exchanged.

Any new notes sold for cash will have the same terms as the new notes being offered in the exchange. The maturity will be 2018 and the coupon will be at least 4%. The combined maximum size is expected to be $640 million.

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