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This loan facility is fully guaranteed by its Taiwanese wholly-owned subsidiary, ChipMOS Technologies. The proceeds of the loan will be used by ChipMOS to refinance part of its 3.375 percent Convertible Senior Notes due 2011, which currently have an aggregate outstanding amount of US$81million. The holders of the 2006 Notes have optional repurchase rights which entitle them to redeem the 2006 Notes at their option in September 2008. ChipMOS may also use the proceeds of the loan to repurchase its 1.750 percent Convertible Senior Notes due 2009, which currently have an aggregate outstanding amount of US$64 million. S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, together with representatives from the bank syndicate were present at the signing ceremony held in Hsinchu, Taiwan, it was reported.
The three-year floating-rate facility provides a US$74.5 million credit line to ChipMOS. Land Bank of Taiwan, Mega International Commercial Bank Co., Ltd., Standard Chartered Bank (Taiwan) Limited, Ta Chong Bank Ltd., Taiwan Business Bank and Taiwan Cooperative Bank act as the mandated lead arrangers of the bank syndicate, with Hua Nan Commercial Bank, JIH SUN International Bank and Taishin International Bank being other participating banks. Standard Chartered Bank (Hong Kong) Limited acts as the agent of the bank syndicate, according to the company.
S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "I would like to express my appreciation to Standard Chartered Bank and the other eight banks for their strong support and confidence in ChipMOS. The syndicated loan will provide us with the financial resources to meet the redemption obligations of the 2006 Notes and refinance our outstanding convertible notes as part of our continuously focus on strengthening our financial structure."
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