| LONDON Singaporean foundry Chartered Semiconductor Manufacturing said Wednesday (Aug. 17) it has completed a private placement of $300 million worth of “units” with the trading division of Goldman Sachs (Singapore) Pte. |
Chartered is using the net proceeds to repay some of its current debt with the remainder to be used for other working capital and general corporate purposes.
The units comprise convertible redeemable preference shares and amortizing bonds due 2010. The amortizing bonds with an initial principal amount of $47 million are set to pay semi-annual cash payments of $5.47 million per payment, as a combination of principal and interest, on February 17 and August 17 of each year, beginning on February 17, 2006, and will amortize to zero at maturity on August 17, 2010.
The private placement is part of broader plan to redeem or repurchase $575 million senior convertible notes due April 2006 (see Aug. 1 story).