Asia cross-border (high yield) deal of the year – STATS ChipPAC

Asia cross-border (high yield) deal of the year – STATS ChipPAC

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Issuer: STATS ChipPAC Date of issue: August 12, 2010 Size of deal: $600 millionMaturity: August 2015 (non-callable for three years)Ratings: Ba1/BB+ (Moody’s/S&P) Coupon: 7.5%Issue spread: 589bp over 5yr UST Singapore semiconductor company STATS ChipPAC launched Asia’s third-ever dividend recapitalisation high yield deal in August. The $600 million bond by the company, which is 83.8% owned by state-owned Singaporean investment firm Temasek Holdings, was 22 times oversubscribed.