MagnaChip Semiconductor LLC (New York) announced the successful sale of $750 million of high-yield notes in a private offering. The offering was comprised of $300 million in aggregate principal amount of floating rate, second priority, senior secured notes due 2011, currently bearing interest at a rate of 5.78% per annum; $200 million in aggregate principal amount of 6.875% second priority, senior secured notes due 2011; and $250 million in aggregate principal amount of 8% senior subordinated notes due 2014.
The cumulative weighted average interest rate on all of the notes is currently 6.8%. MagnaChip plans to use the proceeds from this offering to refinance existing indebtedness, redeem existing preferred equity interests of MagnaChip Semiconductor and for general corporate purposes.
