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Singapore precision engineering company United Test & Assembly Center, or UTAC, is turning to high-yield bond markets to refinance buyout loan debt as it seeks to raise around $600 million, the Reuters news agency said Monday on its website, citing unnamed sources with knowledge of the matter.

UTAC was acquired by buyout funds Affinity Equity Partners and TPG Capital for $1.25 billion in 2007 using loan debt of around $725 million, the report said.

Affinity and TPG didn't immediately respond to requests for comment, the report said.

Full Story: http://www.reuters.com/article/2012/10/15/utac-bond-idUSL3E8LF5O920121015

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