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Amkor Technology Inc. $400M New Senior Unsecured Notes Assigned 'BB' Rating (Recovery Rating: 3)
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 17, 2011-Standard & Poor's Ratings Services said today that it assigned its 'BB' senior unsecured rating and its '3' recovery rating to Amkor Technology Inc.'s $400 million in new notes due 2021. The recovery rating indicates expectations for meaningful (50%-70%) recovery prospects in the event of a payment default. The company intends to use the proceeds to fund a tender offer of $264.3 million of notes due 2016 and the retirement of convertible notes due May 2011. The approximately $100 million of incremental new debt will not affect our 'BB' corporate credit rating and stable outlook on Amkor. We calculate that pro forma for the slightly higher debt levels, fully adjusted debt to EBITDA...
Companies mentioned in this report are: Amkor Technology Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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