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Stats ChipPAC to settle tenders for 59.73% of notes in exchange offer
By Susanna Moon
Chicago, March 18 - Stats ChipPAC Ltd. said holders tendered $358,409,000, or about 59.73%, of its $600 million of 7½% senior notes due Aug. 12, 2015 for exchange by the end of the offer at 11:59 p.m. ET on March 15.
That compares with $357,709,000, or about 59.62%, of the notes tendered for exchange by 5 p.m. ET on March 1, the early date.
The company expects to settle tendered notes on March 20.
Stats ChipPAC expects to issue $611,152,000 of new notes under the exchange offer and its private placement of notes, according a press release.
The company said its subsidiary Stats ChipPAC Korea Ltd. received regulatory approval to guarantee the new notes.
As noted before, the company offered to issue new 4½% dollar-denominated fixed-rate senior notes due 2018 in the offer.
The total exchange amount was $1,063.32 for each $1,000 of notes tendered by the early exchange deadline. The total amount included a $25.82 exchange premium.
Those who tendered after the early deadline will receive an exchange value of $1,037.50 per $1,000 principal amount.
Holders will also receive accrued interest.
The company announced the terms of the new notes it will issue in the exchange offer on Feb. 26. When the offer was announced, Stats ChipPAC said that the coupon would be no less than 4%.
Stats ChipPAC previously said it expected the issue amount of the new notes to max out at $640 million.
Stats ChipPAC is a Singapore-based semiconductor test and advanced packaging service provider. It began the offer on Feb. 14.
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