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January 3, 2008 |
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STATS CHIPPAC: To Maintain its ADR Program as a Level I Program STATS ChipPAC Ltd. intends to postpone the termination of its American Depositary Receipts program with Citibank, N.A., the depositary for the American Depositary Shares, until it has eliminated all outstanding obligations to deliver ADSs under its employee benefit plans. The company is in the process of obtaining the requisite consents. In the meantime, the company will maintain its ADR program with the Depositary as a Level I program following the delisting of its ADSs from the Nasdaq Global Select Market. This means that following the delisting of the company's ADSs from Nasdaq, the ADSs may continue to be traded on the over-the-counter market until such time as the Company terminates the ADR program. As previously announced on November 9, 2007, the company's ADSs are expected to be delisted from Nasdaq on or about December 31, 2007. The last day of trading of the ADSs on Nasdaq is expected to be on or about Friday, December 28, 2007. Singapore Technologies Semiconductors Pte Ltd and Temasek Holdings (Private) Limited are discussing with the company plans to raise indebtedness for the purpose of a distribution to the Company's shareholders and redeeming certain outstanding indebtedness. Subject to market conditions, the debt financing may take place as early as the first quarter of 2008. STSPL is a wholly owned subsidiary of Temasek and currently owns approximately 83.0% of the ordinary shares (including ADSs) of the company. The Company will make an announcement on the details of any such financing activity at the appropriate time. About STATS ChipPAC STATS ChipPAC Ltd is a back-end semiconductor assembly and test company. It provides full-turnkey solutions to semiconductor businesses, including foundries, integrated device manufacturers and fabless companies in the U.S., Europe and Asia. It ranked fourth in the global outsourcing semiconductor assembly and test industry as of end-2006. In fiscal year 2006, packaging revenue accounted for 74% of sales, and test and other revenues the balance. The communications segment accounted for 57% of sales. The company's offices outside the United States are located in Singapore, South Korea, China, Malaysia, Taiwan, Japan, the Netherlands, and United Kingdom. * * * As reported by the Troubled Company Reporter-Asia Pacific on July 30, 2007, Standard & Poor's Ratings Services raised its corporate credit rating on STATS ChipPAC Ltd. to 'BB+' from 'BB'. The outlook is stable. The issue rating on the senior unsecured debt has also been raised to 'BB+' from 'BB'. The ratings have been removed from CreditWatch, where they were placed with positive implications on March 2, 2007. |
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