ASAT re-finances landmark high yield bond

Hong Kong''s first ever high yield issuer is back in the market with a $125 million deal.

Roadshows began in Hong Kong and Singapore on Friday for a $125 million seven non call four issue for New ASAT Finance Ltd. With Citigroup as lead manager, presentations move onto the US today Monday with pricing expected towards the end of the week.

Unlike many recent non-investment grade offerings from Asia, ASAT's 144a transaction is being structured to appease US investors and is said to be covered with covenants including limitations on indebtedness, limitations on asset-sales, dividends, payment of reserves and a change of control put. However, unlike the BB3 rated group's original deal back in 1999, which was almost exclusively distributed to US accounts, the new deal is likely...

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