ASAT Holdings Announces Successful Completion of Consent Solicitation For 9.25% Senior Notes and Amendment of Purchase Money Loa
24 Août 2007 - 2:00PM
PR Newswire (US)
HONG KONG and MILPITAS, Calif., Aug. 24 /PRNewswire-FirstCall/ --
ASAT Holdings Limited (NASDAQ:ASTT), on behalf of its wholly-owned
subsidiary, New ASAT (Finance) Limited (the "Company"), announced
today that as of August 23, 2007, holders of approximately 98% of
its outstanding 9.25% Senior Notes due 2011 (the "Senior Notes")
had delivered consents in connection with the consent solicitation
commenced on August 1, 2007, for the purpose of amending certain
provisions of the indenture, dated as of January 26, 2004, pursuant
to which the Senior Notes were issued. Accordingly, the Company and
the trustee for the Senior Notes will execute and deliver a second
supplemental indenture containing the amendments described in the
Amended Consent Solicitation Statement dated August 17, 2007 (the
"Amended Consent Solicitation Statement"). Also, warrants for
ordinary shares of the Company will be duly issued to consenting
holders of Senior Notes, in accordance with the Amended Consent
Solicitation Statement. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO ) The Company
also announced today that as of August 23, 2007, the Company and
the lenders under the purchase money loan agreement, dated July 31,
2005, agreed to certain waivers of and amendments to the terms and
conditions of such purchase money loan agreement. In connection
with above changes, warrants for ordinary shares of the Company
will be duly issued to the lenders. The warrants referenced above
and the ordinary shares into which they will be exercisable have
not been registered under the Securities Act of 1933, or any state
securities laws, and will be sold in a private transaction under
Regulation D and Regulation S. Unless the warrants and ordinary
shares are registered, they may not be offered or sold in the
United States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws. This
press release is not an offer to purchase or sell, a solicitation
of an offer to purchase or sell, or a solicitation of consents with
respect to any securities. The consent solicitation, as amended,
was made solely on the terms and subject to the conditions set
forth in the Amended Consent Solicitation Statement, dated August
17, 2007, and the accompanying the Second Supplemental Indenture.
First and Second Quarter Fiscal 2008 Guidance "Our bondholders'
overwhelming support in allowing us to successfully complete the
consent solicitation strengthens our position to obtain new
financing," said Tung Lok Li, acting chief executive officer of
ASAT Holdings Limited. "While we are still compiling our
preliminary numbers, we expect to meet our previously communicated
outlook for the quarter ended July 31, 2007 of net sales increasing
to approximately $37.7 million. Gross margin is expected to be
approximately 12%. We are also confident that our positive momentum
for the October quarter will result in a revenue increase of 3
percent to 8 percent above our July quarter results." Piper Jaffray
& Co. served as Solicitation Agent for the consent
solicitation, and The Bank of New York served as Information Agent,
Tabulation Agent and Payment Agent for the consent solicitation.
About ASAT Holdings Limited ASAT Holdings Limited is a global
provider and leading developer of semiconductor package design,
assembly, and test services. With 18 years of experience, ASAT
offers a definitive selection of semiconductor packages and
world-class manufacturing lines. ASAT's advanced package portfolio
includes standard and high thermal performance ball grid arrays,
leadless plastic chip carriers, thin array plastic packages,
system-in-package technology, and flip chips. ASAT was the first
company to develop moisture-sensitive level one capability on
standard leaded products. Today, ASAT has operations in the United
States, Asia, and Europe. For more information, visit
http://www.asat.com/. Safe Harbor This press release may contain
statements of a forward-looking nature. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," and similar statements. The accuracy of these
statements may be impacted by a number of business risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including the ability of
ASAT's management to effectively lead the company, the risk that
ASAT may not be able to attract qualified people to its management
team or retain its existing management and employees, possible
disruptions to its business and operations caused by changes in
senior management, the possible delisting of ASAT's securities from
Nasdaq, and those risks outlined in ASAT's filings with the
Securities and Exchange Commission. ASAT does not undertake any
obligation to update this forward-looking information, except as
required under applicable law.
http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGODATASOURCE:
ASAT Holdings Limited CONTACT: Jim Fanucchi of Summit IR Group
Inc., +1-408-404-5400, Web site: http://www.asat.com/
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