Amkor gets tenders for $352 million 9¼% notes due 2008

By Jennifer Chiou

New York, May 31 - Amkor Technology Inc. said it accepted tenders for $352 million of its 9¼% senior notes due 2008.

The offer expired at midnight ET on May 25.

On May 11, the company said it increased the maximum size of the tender to $360 million from $200 million.

At the start of the offer on April 28, $440.5 million of the notes was outstanding.

As of the early tender deadline, holders had tendered $349.4 million of the notes.

Amkor paid $1,055 per $1,000 principal amount of notes tendered, which included an early tender payment of $20.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on May 9.

Noteholders also received accrued interest up to but excluding the repurchase date.

Citigroup Corporate and Investment Banking (212 723-6106 or 800 558-3745) is dealer manager for the tender offer, and Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 873-7700) is tender agent and information agent.

Also Wednesday, the company closed an offering of $400 million of 9¼% senior notes due 2016 and used net proceeds of $382 million to fund the tender.

In addition Amkor announced that it closed an offering of $190 million of 2.5% convertible senior subordinated notes due 2011 and added it intends to use the net proceeds to redeem, repurchase or otherwise retire a portion of its $200 million of 10½% senior subordinated notes due 2009.

"Our repurchase of $352 million in senior notes due 2008, coupled with the scheduled retirement of our outstanding $132 million of convertible notes at maturity on June 1, 2006, marks progress in addressing our intermediate term debt maturities," chief financial officer Ken Joyce said in a news release.

Consummation of the tender offer was conditioned upon receipt of sufficient financing to fund the repurchase and the satisfaction of other general conditions, according to the release.

Amkor Technology is a Chandler, Ariz.-based provider of contract semiconductor assembly and test services.

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