MagnaChip Semiconductor buys back $35 million of 10½% notes at 109

By Jennifer Chiou

New York, May 16 - MagnaChip Semiconductor SA entered into a securities purchase agreement with Avenue Special Situations Fund V, LP, Avenue International Master, LP, Avenue Investments, LP and Avenue-CDP Global Opportunities Fund, LP, under which it repurchased $35 million of its 10½% senior notes due 2010, according to an 8-K filing with the Securities and Exchange Commission.

The Seoul, South Korea-based maker of computer chips stated that it paid $1,090 per $1,000 principal amount of notes plus accrued interest to May 16, for a total of $38,466,458.33.

The filing noted that funds affiliated with Avenue Capital Management II, LP and the selling securityholders own a majority of MagnaChip's stock.

The agreement was authorized by a special committee of the board of directors of MagnaChip Semiconductor Corp.

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