0% Convertible Bonds Raise $1 Billion.. US OSAT Expands Investment Capacity

Amkor Technology, Inc. (NASDAQ: AMKR) on May 5 privately finalized the pricing for $1.0 billion of 0.00% convertible senior notes due 2031 and entered into an agreement—including an overallotment option—to issue up to $1.15 billion in convertible debt. The company said it will use the approximately $981.7 million in net proceeds (rising to about $1.129 billion if the option is fully exercised, equivalent to roughly KRW 1.3–1.5 trillion) for capped-call transactions to mitigate dilution on conversion, as well as for general corporate purposes such as capital expenditures. On the same day, one independent director exercised long-dated stock options and sold an equal number of common shares in the open market, converting part of his holdings into cash.

In its first-quarter 2026 results, Amkor beat market expectations on both revenue and earnings, and is accelerating construction of its advanced packaging and test campus in Arizona, a project valued at $7 billion (approximately KRW 9 trillion).

Headquartered in the U.S., Amkor is the world’s largest OSAT (outsourced semiconductor assembly and test) provider, handling back-end production for global fabless and IDM customers. With growing demand for high-value advanced packaging and a U.S. onshoring push driven by the CHIPS Act, the OSAT industry is pursuing growth through capital investments and long-term supply agreements.