Amkor Technology buys back $4 million 5% convertibles

By Laura Lutz

Des Moines, July 26 - Amkor Technology, Inc. repurchased $4 million in 5% convertible notes due March 2007 in the second quarter of 2006.

The move was part of "a series of financing transactions to address [Amkor's] near-term debt maturities and reduce ongoing interest expense," chairman and chief executive officer James Kim said in a company release.

Amkor also repurchased $352 million 9.25% senior notes due 2008 and redeemed $178 million of its $200 million in 10.5% senior subordinated notes due 2009.

The company hopes to continue to reduce its debt.

"Based on current forecasts, we believe we will have sufficient cash resources available to retire the remaining $142 million of 5% convertible notes due March 2007," Kim said in the release.

Amkor is a provider of advanced semiconductor assembly and test services based in Chandler, Ariz.

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