MagnaChip Completes Redemption of 6.625% Senior Notes due 2021

Rhea-AI Summary

On October 6, 2020, MagnaChip Semiconductor Corporation (NYSE: MX) announced the complete redemption of its 6.625% Senior Notes due 2021, totaling approximately $227.4 million. The redemption, executed on October 2, 2020, involved all outstanding $224.25 million principal amount of the notes, paid at 100% of the principal plus accrued interest. This strategic financial move indicates management's commitment to strengthening its balance sheet and reducing interest obligations.

Positive

• Fully redeemed 6.625% Senior Notes due 2021, enhancing financial position.
• Eliminated approximately $227.4 million in debt, reducing interest expenses.

Negative

• None.

SEOUL, South Korea, Oct. 6, 2020 /PRNewswire/ -- MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX) today announced that it completed the redemption of all of its 6.625% Senior Notes due 2021 (the "2021 Notes") on October 2, 2020 (the "Redemption Date"). The Company paid approximately $227.4 million to fully redeem all of the outstanding $224.25 million aggregate principal amount of the 2021 Notes at a redemption price equal to the sum of 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

About MagnaChip Semiconductor
MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. With more than 40 years of operating history, MagnaChip owns a portfolio of approximately 1,200 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. Please visit www.magnachip.com for more information. Information on or accessible from MagnaChip's website is not a part of, and is not incorporated into, this release.

CONTACTS:

United States (Investor Relations): So-Yeon Jeong Head of Investor Relations Tel. +1-408-712-6151 investor.relations@magnachip.com

Korea / Asia media: Chankeun Park Director of Public Relations Tel. +82-2-6903-5223 chankeun.park@magnachip.com

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/magnachip-completes-redemption-of-6-625-senior-notes-due-2021--301147010.html

SOURCE MagnaChip Semiconductor Corporation

FAQ

What did MagnaChip Semiconductor announce on October 6, 2020?

MagnaChip Semiconductor announced the completion of the redemption of its 6.625% Senior Notes due 2021.

How much did MagnaChip pay to redeem its Senior Notes?

MagnaChip paid approximately $227.4 million to fully redeem all outstanding Senior Notes.

What is the significance of redeeming the Senior Notes for MagnaChip?

Redeeming the Senior Notes reduces MagnaChip's debt burden and interest expenses, improving its financial health.

What was the principal amount of the Senior Notes redeemed by MagnaChip?

The principal amount of the Senior Notes redeemed was approximately $224.25 million.

When was the redemption of the Senior Notes completed?

The redemption was completed on October 2, 2020.