Global A&T Electronics to tender for United Test's 1% convertibles

By Jennifer Chiou

New York, Sept. 7 - Global A&T Electronics Ltd. announced plans to tender for all of United Test and Assembly Center Ltd.'s $190 million of 1% tranche A and 1% tranche B convertible bonds due 2013.

United Test, a Singapore-based provider of semiconductor test and assembly services, said in a company news release that it entered into an implementation agreement under which Global A&T Electronics will acquire all shares of United Test.

The company also is soliciting consents to amend the note indenture to effect certain amendments and modifications.

Bondholders will have the right to convert their notes up to five days before the closing date of the acquisition. If shareholders approve the agreement at an Oct. 5 meeting, the acquisition tentatively will close on Oct. 22.

A bondholders' meeting will be held at 5 a.m. ET on Oct. 23 to decide on the proposed amendments to the 1% convertibles. If shareholders do not authorize the agreement, the consent solicitation will not take effect.

Lucid Issuer Services is the information agent (852 2526 5406). The tender agent is Citibank, NA, London Branch (44 207 508 3867).

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