Amkor buys back $129 million convertibles, $30 million notes

New York, Nov. 18 - Amkor Technology Inc. said it has bought back $129 million of its convertibles and $30 million of straight debt.

The convertible repurchases were funded from the Chandler, Ariz., provider of semiconductor assembly and test services' recent offering of 7.375 million shares of common stock.

Amkor said it used $129 million of the proceeds to repurchase $112 million principal amount of its 5% convertible notes due 2007 and $17 million principal amount of its 5.75% convertible notes due 2006.

In addition, the company said that over the "past several months" it has repurchased $30 million principal amount of its 9.25% senior notes due 2008 in open market purchases.

"Since May 2003, Amkor has retired $159 million in total debt, representing an annualized interest expense savings of $9.4 million. This debt reduction represents an important step in Amkor's stated strategy to de-lever the balance sheet and enhance shareholder value," said James Kim, Amkor's chairman and chief executive officer, in a news release.

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