Amkor Technology Prices $1,000 Million Convertible Senior Notes Offering

Amkor Technology, Inc. has announced the pricing of its offering of $1,000,000,000 aggregate principal amount of 0.00% convertible senior notes due 2031. The offering is being made to qualified institutional buyers. The notes will be senior, unsecured obligations of Amkor and will mature on July 15, 2031, unless earlier repurchased, redeemed, or converted. Noteholders may convert their notes under certain conditions or at their election starting from April 15, 2031. Amkor estimates the net proceeds from the offering to be approximately $981.7 million, after deducting fees and expenses. Amkor intends to use $49.0 million of the net proceeds to fund capped call transactions and the remainder for general corporate purposes, including capital expenditures. In connection with the offering, Amkor entered into capped call transactions to reduce potential dilution and offset potential cash payments upon conversion of the notes. The transactions are expected to cover the shares of Amkor’s common stock underlying the notes, with a cap price initially set at $139.50 per share.