stats-chippac-abandons-bond-buyback

Stats ChipPAC abandons bond buy-back

The company's majority-owner Temasek may re-launch the offer in September after failing to reach agreement with bondholders over the debt-swap.
On August 9, Stats ChipPAC announced that its tender offer for $150 million of 7.5% senior notes due in 2010 and $215 million of 6.75% senior notes due in 2011 was terminated because the ôfinancing condition has not been satisfiedö. Friday was the deadline for a proposed buy-back of the existing bonds which was to be financed partly by the issuance of new bonds and partly by bank debt.

The Singapore-listed company, which is majority-owned by Singapore sovereign wealth fund Temasek, intends to re-launch the offer in September, according to sources close to the deal. There is a limitation on restricted payments clause attached to the outstanding bonds which requires their early retirement before...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222