Amkor Technology Announces Notice of Full Redemption of 7.375% Senior Notes due 2018
May 20 2015 - 12:05PM
Business Wire
Amkor Technology, Inc. (Nasdaq: AMKR) today announced that it
has issued a notice for the redemption of all $345 million
aggregate principal amount of the Company’s outstanding 7.375%
Senior Notes due 2018 (the “Notes”) to be effected on June 19,
2015. In accordance with the terms of the indenture governing the
Notes, the redemption price will be 101.844% of the principal
amount of the Notes, or $1,018.44 per $1,000.00 principal amount
thereof, paid in cash. In addition, the Company will pay accrued
and unpaid interest on the Notes to, but excluding, the redemption
date.
The Company plans to fund the redemption of the Notes with
borrowings under the Company’s credit facilities and cash on hand.
The new borrowings bear interest at floating rates tied to LIBOR
and, based on current interest rates, it is estimated that the
redemption would result in potential annualized interest savings of
approximately $17 million. The Company also expects to record a
one-time charge in the second quarter of 2015 of approximately $9
million for early extinguishment of debt.
A notice of redemption is being sent to all currently registered
holders of the Notes by U.S. Bank National Association, the trustee
under the indenture governing the Notes. Copies of the notice and
additional information relating to the procedure for redemption may
be obtained from U.S. Bank National Association by calling
1-800-934-6802 (toll-free).
About Amkor
Amkor is a leading provider of semiconductor packaging and test
services to semiconductor companies and electronics OEMs. More
information on Amkor is available from the company's SEC filings
and on Amkor's website: www.amkor.com.
Forward-Looking Statement Disclaimer
This announcement contains forward-looking statements within the
meaning of federal securities laws. All statements other than
statements of historical fact are considered forward-looking
statements including, without limitation, statements regarding the
completion of the redemption, the potential interest savings and
the charge for early extinguishment of debt. These forward-looking
statements involve a number of risks, uncertainties, assumptions
and other factors that could affect future results and cause actual
results and events to differ materially from historical and
expected results and those expressed or implied in the
forward-looking statements, including, but not limited to, the fact
that an increase in the floating interest rates under the Company’s
credit facilities would decrease the potential interest savings
from the redemption and those discussed in Amkor’s Annual Report on
Form 10-K for the year ended December 31, 2014, and in its
subsequent filings with the Securities and Exchange Commission made
prior to or after the date hereof. Amkor undertakes no obligation
to review or update any forward-looking statements to reflect
events or circumstances occurring after the date of this
announcement.
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version on businesswire.com: http://www.businesswire.com/news/home/20150520006126/en/
Amkor Technology, Inc.Greg JohnsonSenior
Director, Finance and Investor
Relations480-786-7594greg.johnson@amkor.com
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