PSi Technologies Issues a US$7.0 Million 4-Year Exchangeable Senior Subordinated Note to an Affiliate of Merrill Lynch Global Em
June 02 2005 - 6:19PM
PR Newswire (US)
PSi Technologies Issues a US$7.0 Million 4-Year Exchangeable Senior
Subordinated Note to an Affiliate of Merrill Lynch Global Emerging
Markets Partners, L.P. SOUTH SAN FRANCISCO, Calif. and MANILA,
Philippines, June 2 /PRNewswire-FirstCall/ -- PSi Technologies
Holdings, Inc., (NASDAQ:PSIT), a leading independent provider of
assembly and test services for the power semiconductor market,
announced that its Board of Directors approved today the issuance
of a US$7.0 million 4-year Exchangeable Senior Subordinated Note to
an affiliate of Merrill Lynch Global Emerging Markets Partners,
L.P., the Company's majority shareholder. "The issuance of the Note
is a key initiative to strengthen the Company's balance sheet and
to support the development and installation of sufficient
capacities to meet projected demands for the Company's Power QFN
package," said Arthur J. Young, Jr., Chairman and CEO. The Note is
issued by the Company's principal operating subsidiary and matures
in 2009. It accrues interest at 10 percent annually, net of
Philippine withholding tax, and will be exchangeable into the
Company's common stock at a price of $1.00 per share. The exchange
price is subject to reduction in the event the Company does not
meet certain performance targets for the fourth quarter of 2005 and
first quarter of 2006. The proceeds of the Note will be used to
partially finance capital expenditures related to the introduction
of the Company's Power QFN (Quad Flat No-Lead) Package and for the
repayment of due and outstanding suppliers' credits and capital
expenditures payables. About PSi Technologies Holdings, Inc. PSi
Technologies is an independent semiconductor assembly and test
service provider focused on the power semiconductor market. The
Company provides comprehensive package design, assembly and test
services for power semiconductors used in telecommunications and
networking systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products. PSi's customers include most of the major
power semiconductor manufacturers in the world such as Infineon
Technologies, ON Semiconductor, Philips Semiconductor, and ST
Microelectronics. For more information, visit the Company's web
site at http://www.psitechnologies.com/ or call: Edison G. Yap, CFA
PSi Technologies Holdings, Inc. (63-2) 837-7702; or (63-917)
894-1335 Amy Cozamanis (General Information) Financial Relations
Board (310) 854 8314 Safe Harbor Statement This press release
contains forward-looking statements that involve risks and
uncertainties. Actual outcomes may differ materially. Factors that
might cause a difference include, but are not limited to, those
relating to the pace of development and market acceptance of PSi's
products and the power semiconductor market generally,
commercialization and technological delays or difficulties, the
impact of competitive products and technologies, competitive
pricing pressures, manufacturing risks, the possibility of our
products infringing patents and other intellectual property of
third parties, product defects, costs of product development,
manufacturing and government regulation, risks inherent in emerging
markets, including but not limited to, currency volatility and
depreciation, restricted access to financing, and political and
social unrest. PSi undertakes no responsibility to update these
forward-looking statements to reflect events or circumstances after
the date hereof. More detailed information about potential factors
that could affect PSi's financial results is included in the
documents PSi files from time to time with the Securities and
Exchange Commission. DATASOURCE: PSi Technologies Holdings, Inc.
CONTACT: Edison G. Yap, CFA of PSi Technologies Holdings, Inc.,
(63-2) 837-7702, or (63-917) 894-1335, ; or General Information,
Amy Cozamanis of Financial Relations Board, +1-310-854 8314, , for
PSi Technologies Holdings, Inc. Web site:
http://www.psitechnologies.com/
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