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MagnaChip offers $65 million exchangeable notes due 2021; yield talked at 5%-5.25%, up 27.5%-30%
By Stephanie N. Rotondo
Seattle, Jan. 10 – MagnaChip Semiconductor Corp. is selling $65 million of exchangeable senior notes due 2021 via its MagnaChip Semiconductor SA subsidiary, the company said in a press release on Tuesday.
The yield is talked at 5% to 5.25% with an exchange premium of 27.5% to 30%, according to a market source.
Barclays and Citigroup Global Markets Inc. are the joint bookrunners of the Rule 144A deal.
There is a $9.75 million over-allotment option.
The notes are not putable or callable.
The notes are exchangeable into common stock.
Proceeds will be used for an anticipated cost reduction program to be implemented in the first half of 2017, for capital expenditures and to repurchase stock via a recently approved stock repurchase program and for general corporate purposes.
MagnaChip is a Seoul, South Korea- and San Jose, Calif.-based semiconductor company.
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