Amkor to price $150 million 5-year convertibles, talked at 2.375%-2.875%, up 27.5%-32.5% on Thursday

By Kenneth Lim

Boston, May 10 - Amkor Technology Inc. plans to offer $150 million of five-year convertible senior subordinated notes with talk of a coupon of 2.375% to 2.875% and an initial conversion premium of 27.5% to 32.5%, market sources confirmed.

The deal, which is offered concurrently with a $300 million sale of 10-year senior notes, is expected to price Thursday after the market closes.

Citigroup Global Markets is the bookrunner for the registered off-the-shelf deal.

The convertibles will be non-callable for life.

They will also have dividend and takeover protection.

Amkor, a Chandler, Ariz.-based semiconductor test and assembly service provider, will use the proceeds from the convertible offering to redeem, repurchase or retire part of its outstanding 10.5% senior subordinated notes due 2009.

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