Amkor Technology in $400 Million High Yield Offering and $264 Million Tender Offer

May 20, 2011

Cleary Gottlieb represented the initial purchasers, Deutsche Bank Securities and Citigroup Global Markets, in a recent high yield debt offering by Amkor Technology. Amkor issued $400 million of 6.625% Senior Notes due 2021. The Chairman of Amkor’s Board of Directors and certain of his affiliates purchased $75 million of notes from the initial purchasers as part of the offering. The 2021 Notes were unregistered and (other than notes sold to the Chairman of Amkor’s Board of Directors and certain of his affiliates) were offered for sale in the United States pursuant to Rule 144A and abroad pursuant to Regulation S. The deal closed on May 20, 2011.

Cleary Gottlieb also represented Citigroup Global Markets as dealer manager in a cash tender offer by Amkor to purchase any and all of its outstanding 9.25% Senior Notes due 2016. There was an aggregate principal amount of approximately $264.3 million of Amkor’s 2016 Notes outstanding prior to the tender offer. The tender offer was launched on May 17, 2011 concurrently with the high yield offering and is scheduled to expire on June 14, 2011, unless extended. Amkor intends to use a portion of the net proceeds from the high yield offering to fund the tender offer.

Amkor is a leading provider of outsourced assembly and testing services to the global semiconductor industry, with established production centers in strategic locations throughout Asia. Cleary Gottlieb previously represented the initial purchasers in a 2009 convertible bond offering and a 2010 high yield offering by Amkor.