Korea’s MagnaChip Semiconductor, which is listed on the New York Stock Exchange, raised $225 million on Tuesday through an eight-year high-yield bond.
The company, which designs and manufactures analogue and mixed-signal semiconductor products, priced the 6.625% senior notes at 99.5, representing a 448bp spread over the 2021 US treasuries. Moody's upgraded the company to B1 from B2 in June.
MagnaChip will use the proceeds to take out its existing $203.7 million in senior debt. Those notes were originally issued in April 2010 as part of a $250 million offering and carry a hefty 10.5% coupon, which means the company is on the hook for $21.4...
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