Sole lead manager Citigroup priced an increased $150 million bond issue for Hong Kong semiconductor and packaging company ASAT on Friday. The SEC registered transaction was increased from a base offer size of $125 million after books closed just above the $1 billion mark.
Pricing came at par on a coupon of 9.25% to yield 573bp over seven-year Treasuries. The BB3 rated issue has a seven-year final maturity and a sliding call structure starting in 2008 at 104.625%, then 102.313% in 2009 and par thereafter.
Pricing is inside initial expectations around the 10% mark though there are few comparables with which to compare the issue. The group has a November...
