Published on 3/13/2019 in the Prospect News High Yield Daily.
New Issue: Amkor Technology prices $525 million 6 5/8% 8.5-year notes at 99.5 to yield 6.703%
By Paul A. Harris
Portland, Ore., March 13 – Amkor Technology, Inc. priced a $525 million issue of 6 5/8% 8.5-year senior notes (B1/BB) at 99.5 to yield 6.703% on Wednesday, according to market sources.
The yield printed wider than price talk in the 6½% area. Initial guidance was 6¼% to 6½%.
Morgan Stanley & Co. LLC and BofA Merrill Lynch are the joint bookrunners.
The Chandler, Ariz.-based semiconductor company plans to use the proceeds to refinance its existing senior notes.
| Issuer: | Amkor Technology, Inc.
|
| Amount: | $525 million
|
| Maturity: | Sept. 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC and BofA Merrill Lynch
|
| Coupon: | 6 5/8%
|
| Price: | 99.5
|
| Yield: | 6.703%
|
| Spread: | 414 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until March 15, 2023, then callable at 104.969
|
| Equity clawback: | 40% at 106.625 until March 15, 2022
|
| Trade date: | March 13
|
| Settlement date: | March 15
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 6½% area
|
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