Published on 9/18/2012 in the Prospect News High Yield Daily.
New Issue: Amkor prices $300 million 10-year senior notes at par to yield 6 3/8%
By Paul A. Harris
Portland, Ore., Sept. 18 - Amkor Technology, Inc. priced a $300 million issue of 10-year senior notes (Ba3/BB/) at par to yield 6 3/8% on Tuesday, according to an informed source.
The yield printed at the tight end of price talk that was set in the 6½% area.
Deutsche Bank Securities Inc. and UBS Investment Bank were the joint bookrunners for the quick-to-market deal.
The Chandler, Ariz.-based semiconductor company plans to use the proceeds to repay $224.9 million of debt of its subsidiaries and for general corporate purposes.
Issuer: | Amkor Technology, Inc.
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Amount: | $300 million
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Maturity: | Oct. 1, 2022
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Securities: | Senior notes
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Bookrunners: | Deutsche Bank Securities Inc., UBS Investment Bank
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Coupon: | 6 3/8%
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Price: | Par
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Yield: | 6 3/8%
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Spread: | 458 bps
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Call features: | Callable on Oct. 1, 2016 at 104.781, 103.188, 101.594, par on and after Oct. 1, 2019
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Equity clawback: | 35% at 106.375 until Oct. 1, 2015
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Trade date: | Sept. 18
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Settlement date: | Sept. 21
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Ratings: | Moody's: Ba3
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| Standard & Poor's: BB
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 6½% area
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