Singapore's United Test sets price talk for restructured $475 million notes

By Paul A. Harris

St. Louis, Nov. 5 - Singapore-based United Test & Assembly Center (UTAC) and Global A&T Electronics Ltd. set price talk on Monday for a restructured $475 million two-part offering of eight-year senior second-lien notes (B1/B+), according to an informed source.

UTAC is talking a $275 million tranche of cash-pay notes at 11% to 11¼%.

Meanwhile a $200 million tranche of payment-in-kind toggle notes is talked to price 150 basis points behind the cash-pay notes.

Pricing is set for Wednesday.

JPMorgan, Merrill Lynch & Co. and ABN Amro are leading the deal.

Both the cash-pay notes and the PIK notes come with four years of call protection.

A proposed euro-denominated tranche of PIK toggle notes has been withdrawn.

Proceeds will be used to fund the buyout of the company by TPG Capital and Affinity Equity Partners.

UTAC is a semiconductor testing and assembly company.

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