Amkor Technology Completes Call for $50 Million of Convertible Notes
WEST CHESTER, Pa.--(BUSINESS WIRE)--June 1, 2001--Amkor Technology, Inc. (Nasdaq:AMKR) today announced that it has completed the redemption of the remaining $50 million of its 5 3/4% Convertible Subordinated Notes Due 2003.
The Notes were originally issued in May 1998 in connection with Amkor's initial public offering and were called for redemption on May 11, 2001. Essentially all of the holders of the Convertible Subordinated Notes selected for redemption have elected to convert the Notes into common stock prior to the redemption date. Amkor will issue approximately 3 million shares of common stock as a result of the conversions.
After giving effect to this conversion, Amkor's outstanding debt will be reduced by approximately $50 million, and Amkor's shareholders' equity will be increased by the same amount.
"The conversion of these notes will enhance Amkor's financial flexibility by reducing debt, increasing our equity base, and lowering our cash interest expense," said Ken Joyce, Amkor's Chief Financial Officer.
Amkor Technology, Inc. is the world's largest provider of contract microelectronics manufacturing solutions. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic design and manufacturing services, including deep sub-micron wafer fabrication; wafer probe, wafer mapping, characterization and reliability testing; IC packaging design and assembly; multi-chip module design and assembly; and final testing. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com.
|CONTACT:||Amkor Technology, Inc.|
|Jeffrey Luth, 610/431-9600 ext. 5613|