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ChipPac tenders for 12¾% notes
New York, Sept. 7 - Stats ChipPac Ltd. said its ChipPac International Co. Ltd. subsidiary has begun a cash tender offer for any and all its $165 million of 12¾% senior subordinated notes due 2009.
ChipPac is also soliciting consents to amend the note indenture to eliminate substantially all the restrictive covenants and certain events of default.
Holders who tender by the consent deadline of 11:59 p.m. ET on Sept. 17 will receive $1,063.75 per $1,000 principal amount, including a $10 consent payment.
Holders who tender after that point but before the expiration of 5 p.m. ET on Oct. 4 will receive $1,053.75 per $1,000 principal amount.
ChipPac will also pay accrued interest up to but excluding the payment date.
The Singapore and Fremont, Calif.-based semiconductor assembly and testing company noted that the current redemption price for the notes is $1,063.75 per $1,000 principal amount plus accrued interest. It said it intends to redeem any notes not tendered.
Tendered notes may be withdrawn up to the consent deadline but not after.
Stats ChipPac said it plans to finance the tender with all or part of the proceeds from a Rule 144A/Regulation S offering of new senior notes.
The tender offer is subject, among other things, to the receipt of sufficient consents to amend the note indenture.
ChipPac is also conducting a change-of-control tender offer, required because of the merger of ST Assembly Test Services Ltd. and ChipPAC Inc. Under this offer, holders who tender by 5 p.m. ET on Oct. 4 will receive $1,010.00 per $1,000 principal amount. ChipPac said that if the tender offer is completed then holders will receive more than in the change-of-control offer.
Deutsche Bank Securities Inc. is dealer manager and solicitation agent for the tender offer and consent solicitation (800 553-2826 or call collect 212 250-4270). Global Bondholder Services Corp. is the information agent (866 873-6300).
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