CHANDLER, Ariz., Nov. 18 -- Amkor Technology, Inc. (Nasdaq: AMKR) said that the underwriters of its recent public offering of 7 million shares of common stock, which closed on November 12, 2003, have exercised their over-allotment option to acquire an additional 375,000 shares. Amkor applied $129 million in net proceeds of this stock offering to repurchase $112 million face value of its 5.00% Convertible Notes due 2007 and $17 million face value of its 5.75% Convertible Notes due 2006. In addition, over the past several months Amkor has repurchased $30 million face value of its 9.25% Senior Notes due 2008 in open market purchases.
"Since May 2003, Amkor has retired $159 million in total debt, representing an annualized interest expense savings of $9.4 million. This debt reduction represents an important step in Amkor's stated strategy to de-lever the balance sheet and enhance shareholder value," said James Kim, Amkor's chairman and chief executive officer.
Amkor is a leading outsourced provider of semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic design and manufacturing and support services. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com.
For further information, please contact Jeffrey Luth, VP Corporate Communications of Amkor Technology, Inc., +1-480-821-5000, ext. 5130, firstname.lastname@example.org .