New York Supreme Court rules against GATE bondholders
By Daniel Stanton
SINGAPORE, July 20 (IFR) - The New York Supreme Court has ruled against holders of a $625 million bond due 2019 issued by Global A&T Electronics, a subsidiary of Singapore's United Test and Assembly Center (UTAC), according to a Singapore stock exchange filing published on Monday.
A law firm representing holders of more than 25 percent of its 10 percent senior secured bonds due 2019 had claimed that the issuer had triggered a default on the 2019s when it made a further issue of the notes to lenders in an exchange offer in September 2013.
GATE issued $502.257 million of the 2019s to lenders of term loans in return for cancelling the principal repayments.
Bank of America Merrill Lynch, Credit Suisse, JP Morgan and UBS managed the original bond offering in January 2013. The 2019s were quoted at 92.3/94.7 this morning, according to Tradeweb.
UTAC is headquartered in Singapore and provides semiconductor testing and assembly services. It filed for a $350 million Nasdaq IPO last week, with private equity investors TPG Capital and Affinity Equity Partners expected to sell their stakes. (Reporting by Daniel Stanton; Editing by Vincent Baby)
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