Magnachip Semiconductor intends to buy back several notes series, preferreds via IPO proceeds

By Jennifer Chiou

New York, Nov. 14 - Magnachip Semiconductor LLC plans to use proceeds from a $575 million initial public offering of common stock to repurchase about $200 million total of its floating-rate second-priority senior secured notes due 2011, its 6 7/8% second-priority senior secured notes due 2011 and its 8% senior subordinated notes due 2014, according to an S-1 filing with the Securities and Exchange Commission.

The company said that it may also reduce amounts drawn under its senior secured credit facility and may buy back all of its series B preferred stock.

Other possibilities for proceeds include a $30 million incentive payment to the company's employees as well as general corporate purposes.

Based in Seoul, South Korea, MagnaChip is a designer, developer and manufacturer of mixed-signal and digital multimedia semiconductors.

© 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.