Stats ChipPAC buys back $12.4 million of $18.6 million outstanding 0% convertibles

By Devika Patel

Knoxville, Tenn., Jan. 3 - Stats ChipPAC Ltd. announced it has redeemed $12.4 million of its $18.6 million outstanding zero-coupon convertible notes due 2008.

The company paid $14.7 million for the notes, which were purchased with cash on hand and will be delivered to the trustee for cancellation.

After this redemption, $6.2 million, or 5.3% of the original $115 million of the notes, will remain outstanding.

Stats ChipPAC, based in Singapore, provides semiconductor packaging design, assembly, test and distribution products.

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