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

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

Issuer: STATS ChipPAC
Date of issue: August 12, 2010
Size of deal: $600 million
Maturity: 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.

The deal, rated Ba