STATS ChipPac Ltd

[greengiraffe]

http://www.businesstimes.com.sg/governme...china-firm

STATS ChipPAC attracts US$780m bid from China firm
JCET's S$0.452 per share offer compares against S'pore chipmaker's last traded price of S$0.58, a discount of 20%

By
Jamie Lee leejamie@sph.com.sg@JamieLeeBT
BT_20141107_JLSTATS7_1355902.jpg Given the ongoing restructuring process at STATS ChipPAC's Taiwanese units, the sale transaction will not include the two units at this point, which have a book value of US$80.9 million. BLOOMBERG FILE PHOTO
7 Nov5:50 AM
Singapore

STATS ChipPAC is inching towards the arms of Jiangsu Changjiang Electronics Technology (JCET), with the Chinese buyer proposing on Thursday a muted US$780 million bid for most of the Singapore chipmaker.

But this courtship, already made public earlier this year, has more

[greentea]

Update to JCET: http://businesstimes.com.sg/companies-ma...xtor=AL-19

[hh488]

Hi Stat buddies,

Can anyone advise has the money been despatched to all shareholders already? I cannot rem when they pay us back the $0.46577 per share as per announced on 15 Oct 2015 below pdf mentioned:

http://infopub.sgx.com/Apps?A=COW_Co...2020151015.pdf

[ghchua]

Already paid. From my records, the amount had been credited into my bank account on 6 Aug 2015.

[hh488]

Already paid. From my records, the amount had been credited into my bank account on 6 Aug 2015.

Dear Chua

I don't think that was the full amount.  Was it $0.46577 per share?

Also, they announced thru' SGX on 15th Oct abt the complete acquisition.

Are u able to double-check again?  Thanks.

[ghchua]

Yes. That was the full amount. There was another round of payment at a later date but that was for capital reduction if you opt for cash instead of scrip for those Taiwan shares. The capital reduction had been paid to me via US$ cheque.

[greengiraffe]

History...

David Yong
 
November 16, 2015 — 12:03 PM SGT
 
 
 
Stats ChipPac Ltd., Southeast Asia’s biggest semiconductor assembler, is seeking to refinance $400 million of debt in the first test of its credit strength without the implicit AAA backing of the government of Singapore.
The chip packaging and testing company plans to sell dollar-denominated bonds due in five years to help repay part of an $890 million bridge loan, Chief Financial Officer Woo Kwek Kiong said in an e-mail interview. The company is currently seeking a $500 million syndicated loan to pare the bridge loan from DBS.
The planned note offering comes after Temasek Holdings Pte, the Singapore sovereign wealth fund, cashed out from Stats ChipPac in October by accepting a takeover bid from Chinese firm Jiangsu Changjiang Electronics Technology Co. Temasek’s departure triggered two rating downgrades by Standard & Poor’s just as the financing costs of lower-rated borrowers in Asia are rising amid renewed global market jitters.
“The interest rate of any bond issued by the company will be in line with outstanding bonds issued by comparable companies in a similar industry and ratings category,” Woo said. “The transaction will be leverage neutral as proceeds will be used to re-finance the bridge loan.”
China Plans
Stats ChipPac expects “significant” prospects in China, one of its key geographic focuses that has historically demonstrated the fastest growth rate in the semiconductor assembly and testing business, Woo said. Stats ChipPac is banking on strong support from strategic shareholders like JCET and Semiconductor Manufacturing International Corp., who are declared “national champions” of the industry in China, Woo said. That has opened the door to the previously inaccessible market segment in China, he said.
The company’s steps come amid the slowest economic growth since 1990 in China and as the industry experiences a sluggish orderbook in North America.
At BB-, or three steps below investment grade, Stats ChipPac may have to pay 4.5 percent to 5 percent to sell the notes, according to Charles Macgregor, head of Asian high yield research in Singapore at Lucror Analytics. The company’s existing 4.5 percent notes due 2018 traded at 98.84 cents on the dollar to yield 5.03 percent, according to Bloomberg-compiled prices.
“The proposed bonds would be structurally senior,” Macgregor said. “That said, markets may be more risk averse in light of the Paris terror attacks and the yield may be outside that range.”