STATS ChipPAC plans to borrow from private placement

RECENTLY-DELISTED semiconductor tester STATS ChipPAC said it plans to offer new senior secured notes via a private placement, subject to market conditions and other factors.

The company intends to use the net proceeds from the issuance of the new notes to repay outstanding debt, including borrowings under a US$890 million bridge loan entered into on Aug 6, 2015.

The mainboard-listed company was taken private by Jiangsu Changjiang Electronics Technology Co (JCET), one of the largest Chinese electronics packaging service providers listed on the Shanghai stock exchange.