Straight debt:

7.125% Senior notes due March 2011, 76m
7.75% Senior notes due May 2013, 372m
9.25% Senior notes due June 2016, 390m
Sub-total $838m

CB:

2.5% Convertible senior subordinated notes due May 2011, 42m
6.0% Convertible senior subordinated notes due April 2014, 250m
6.25% Convertible subordinated notes due December 2013, 100m
Sub-total $392m

TOTAL $1,230m

3 years ago, that total was $1,827m

So, half cycle and one worldwide crisis later, AMKR has paid down 1/3 of all its debt while cash level more than doubled to $449m...five years ago, I would never dream of this. Disciplines and profitability are for real.

Slowly but surely, this will sink in in investors mind and AMKR's valuation will reflect that accordingly.