ASAT prices high yield benchmark for tech sector

The semiconductor and packaging company adds diversity to the Asian high yield universe.

Sole lead manager Citigroup priced an increased $150 million bond issue for Hong Kong semiconductor and packaging company ASAT on Friday. The SEC registered transaction was increased from a base offer size of $125 million after books closed just above the $1 billion mark.

Pricing came at par on a coupon of 9.25% to yield 573bp over seven-year Treasuries. The BB3 rated issue has a seven-year final maturity and a sliding call structure starting in 2008 at...

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