By Sheri Kasprzak
New York, Nov. 14 - Amkor Technology, Inc. said it sold $100 million in a private placement of subordinated convertible notes.
The 6.25% notes mature in 2013 and are convertible into common shares at $7.49 each. The conversion price is a 30% premium to the average closing bid price for the five trading days before pricing, ended Nov. 11.
Under the initial terms, the notes are convertible at a rate of 133.51134 common shares for every $1,000 in principal.
The notes will be issued to James J. Kim and certain of his affiliated entities. The deal is expected to close Nov. 18.
Proceeds will be used to refinance a portion of its outstanding $233 million in 5.75% convertible subordinated notes due June 1, 2006.
Based in Chandler, Ariz., Amkor assembles memory cards used in semiconductors.
| Issuer: | Amkor Technology, Inc.
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| Issue: | Subordinated convertible notes
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| Amount: | $100 million
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| Maturity: | 2013
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| Coupon: | 6.25%
|
| Price: | Par
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| Yield: | 6.25%
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| Conversion premium: | 30%
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| Conversion price: | $7.49
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| Conversion ratio: | Into 133.51134 common shares per $1,000 in principal
|
| Warrants: | No
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| Investors: | James J. Kim and affiliates
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| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 18
|
| Stock price: | $5.74 at close Nov. 11
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