By Paul A. Harris
St. Louis, Jan. 16 - New Asat (Finance) Ltd. priced an upsized $150 million offering of seven-year senior notes (B3/B) Friday at par to yield 9¼%, or 573 basis points over Treasuries, a market source said.
The issue, which matures Feb. 1, 2011, was increased from a planned $125 million.
Price talk was in the area of 9½%.
Citigroup ran the books for the Rule 144A/Regulation S issue.
The company plans to use proceeds to redeem its 12½% senior notes due 2006 and for general corporate purposes and capital expenditures.
Asat is a semiconductor assembly, test and package design services company based in Pleasanton, Calif., and Hong Kong.
| Issuer: | New Asat (Finance) Ltd.
|
| Amount: | $150 million (increased from $125 million)
|
| Maturity: | Feb. 1, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 573 basis points
|
| Call features: | Callable after Feb. 1, 2008 at 104.625, 102.313, par on Feb. 1, 2010 and thereafter
|
| Equity clawback: | Until Feb. 1, 2007 for 35% at 109.25
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 9½% area
|
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