SINGAPORE--4 MARCH 2013, UNITED STATES--(Marketwire - Mar 3, 2013) - STATS ChipPAC Ltd. ("STATS ChipPAC" or the "Company") (SGX-ST: STATSChP) (SGX: S24), a leading provider of advanced semiconductor packaging and test services, today announced the early results of its private offer to exchange (the "Exchange Offer") any and all of its outstanding $600.0 million principal amount of 7.5% Senior Notes due 2015 (the "Existing Notes"), with ISIN/CUSIP: 85771TAH7, Y8162BAE5, US85771TAH77 and USY8162BAE57, for its 4.5% Senior Notes due 2018 (the "New Notes") that was announced on 14 February 2013.
As of the Early Exchange Deadline, on Friday, 1 March 2013, 5:00 p.m., New York City time, an aggregate principal amount of $357,709,000, representing approximately 59.62%, of the Existing Notes have been validly tendered. The Withdrawal Deadline expired on 1 March 2013, 5:00 p.m., New York City time. The Exchange Offer for the Existing Notes will expire on Friday, 15 March 2013 at 11:59 p.m., New York City time, unless extended or earlier terminated.
For each $1,000 principal amount of Existing Notes validly tendered and accepted for exchange pursuant to the Exchange Offer after the Early Exchange Deadline and on or prior to the Expiration Date, Eligible Holders of Existing Notes will only receive a Principal Exchange Amount of $1,037.50 principal amount of New Notes, which is the Total Exchange Amount less the Early Exchange Premium.
The Exchange Offer is being made on the terms and subject to the conditions contained in the Company's exchange offer memorandum dated 14 February 2013, as supplemented by the Company's announcement dated 27 February 2013 (collectively, the "Exchange Offer Memorandum"), and is subject to the offer restrictions described therein. The Company may amend, extend or terminate the Exchange Offer at any time.
As announced on 14 February 2013, the Company may offer, subject to market conditions and other factors, additional New Notes to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended ("Securities Act"), and to persons outside the United States in reliance on Regulation S under the Securities Act.
Unless otherwise defined, defined terms in this release have the meaning set out in the Exchange Offer Memorandum.
No Offering of New Notes and No Offer to Purchase Existing Notes
This release does not constitute an offer of securities for sale in the United States. The New Notes will not be registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This release also does not constitute an offer to purchase, a solicitation of an offer to purchase, or a solicitation of exchange with respect to, any Existing Notes. The Exchange Offer is being made solely pursuant to the Exchange Offer Memorandum and related materials. Eligible Holders should read the Exchange Offer Memorandum and related materials carefully prior to making any decision with respect to the Exchange Offer because they contain important information. Lucid Issuer Services Limited is serving as the information and exchange agent in connection with the Exchange Offer and Eligible Holders can contact the information and exchange agent to obtain a free copy of the Exchange Offer Memorandum and related materials at email@example.com or +44 20 7704 0880 (telephone).
Certain statements in this release, including statements regarding the Exchange Offer and the offering of additional New Notes, are forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from expectations. There can be no assurance that the Exchange Offer or the offering of additional New Notes (if made) will be completed. Factors that could cause actual results to differ include risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the Exchange Offer and the offering of additional New Notes (if made) and other factors discussed in its reports filed with the Singapore Exchange Securities Trading Limited (the "SGX-ST"). You should not unduly rely on such statements. We do not intend, and do not assume any obligation, to update any forward-looking statements to reflect subsequent events or circumstances.
References to "$" are to the lawful currency of the United States of America.
About STATS ChipPAC Ltd.
STATS ChipPAC Ltd. (SGX-ST Code: S24) is a leading service provider of semiconductor packaging design, assembly, test and distribution solutions in diverse end market applications including communications, digital consumer and computing. With global headquarters in Singapore, STATS ChipPAC has design, research and development, manufacturing or customer support offices throughout Asia, the United States and Europe. STATS ChipPAC is listed on the SGX-ST. Further information is available at www.statschippac.com. Information contained in this website does not constitute a part of this release.