ChipPAC seeks consents from 2½% noteholders

New York, Oct. 18 - Stats ChipPAC Ltd. said its wholly owned ChipPAC Inc. subsidiary is soliciting consents to proposed indenture changes from the holders of the ChipPAC 2½% convertible subordinated notes due 2008.

The company said the consent solicitation will expire at 5 p.m. ET on Nov. 1, subject to possible extension.

Stats ChipPAC, a Singapore-based high tech manufacturing company, said that the purpose of the consent solicitation is to obtain the required consents of the noteholders 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 that if it gets consents from holders of at least a majority of the outstanding principal amount of notes and if the supplemental indenture putting the changes into effect is executed, ChipPAC will pay to holders of record as of the record date who delivered consents by the solicitation deadline a consent fee of $2.50 per $1,000 principal amount of such notes.

The consent fee will be paid as soon as practicable following the expiration.

Deutsche Bank Securities Inc. is acting as solicitation agent in connection with the consent solicitation. Questions regarding details of the solicitation should be directed to Deutsche Bank Securities Inc. (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).

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