Amkor uses notes proceeds to buy back $144 million of notes due 2011

By Jennifer Chiou

New York, July 29 - Amkor Technology Inc. announced in its second-quarter earnings release that it used $135 million of the proceeds from its recent $250 million convertible notes offering to repurchase $144 million of its debt due 2011.

The company recorded a related $8 million net gain, according to Joanne Solomon, Amkor's chief financial officer.

"We have an aggregate of $97 million of debt coming due through the end of 2010, and the remaining $144 million of 7.125% notes and 2.5% convertible notes mature in 2011," she added in the release.

Chandler, Ariz.-based Amkor is a semiconductor test and assembly service provider.

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