Hong Kong-based semiconductor company Asat Holdings plans to sell US$125 million of senior unsecured bonds, which will be partly used to repay debt, according to Standard & Poor's Ratings Services. The bonds, which will mature in 2011, have been given a single B rating by S&P. Apart from paying off an existing US$100.75 million senior note, the proceeds would also be used for capital spending, including costs associated with moving the company's operations to the mainland, the ratings agency said. Nasdaq-listed Asat designs and makes integrated circuit packages. It is 43 per cent owned by Hong Kong-listed leadframes-maker QPL International. It was expected to make a profit in the three months to January 31, S&P said.
