Singapore's STATS ChipPAC delays benchmark bond sale

HONG KONG, Aug 11 (Reuters) - Singapore-listed STATS ChipPAC (STTS.SI) has delayed its planned benchmark dollar bond sale but is looking to relaunch the deal as early as September, a source close to the deal said on Monday.

The planned sale had been put into doubt when STATS ChipPAC announced on Saturday it had cancelled a planned bond buyback, saying "the financing condition had not been satisfied."

STATS ChipPAC had announced in June a debt buyback that was to be financed partly via the issuance of new bonds, but the firm was unable to get a sale done by last Friday's deadline due to adverse market conditions, the source said.

The firm had initially been looking to raise as much as $1 billion in five-year bonds, but subsequently pared down its expectations to a benchmark deal, typically of about $500 million.

STATS ChipPAC is now looking to carry out its debt buyback, and the sale of new bonds after the summer, the source said.

"Conditions in July and early August prevented the deal from pushing over the line," said the source, who declined to be identified because he was not authorised to talk to the media about the sale.

"More normal post-summer conditions should be more favourable and the global investor base will be fully focused," the source added. "The deal is likely to come back to market after the August break." (Reporting by Rafael Nam; Editing by Dominic Whiting)