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SINGAPORE, June 20 (Reuters) - Microchip packaging firm STATS ChipPAC (STTS.SI: Quote, Profile, Research) on Friday unveiled a new financing plan under which it will buy back bonds, take a loan and privately place new bonds to institutional investors to fund cash distribution to shareholders.

The company, which is over 83-percent owned by Singapore sovereign wealth fund Temasek Holdings [TEM.UL], said it will buy back $150 million of 7.5 percent senior notes due 2010 and its $215 million of 6.75 percent senior notes due 2011. It has already started buying these bonds.

Standard & Poor's Ratings Services in May gave a BB+ corporate credit rating to the company's debt, which is the rating agency's top rating for junk or high-risk debt.

The company said it will issue new notes to institutional investors, but that would depend on market conditions.

Analysts have said Asian companies looking to raise cash in the high yield or "junk" bond market this year are facing a hard time as they try to win over sceptical investors still spooked by the global credit crisis. [ID:nHKG162545]

STATS also said it plans to enter into a new $450 million credit facility comprising a $300 million, three-year term loan and a $150 million, three-year revolving credit.

STATS is the world's fourth-largest provider of semiconductor assembly and testing services.

Temasek failed to take STATS private in May 2007 after it only managed to raise its minority stake in the firm to over 83 percent, short of the 90 percent of shares that it needed to delist the firm from the Singapore Exchange and Nasdaq. (Reporting by Saeed Azhar; Editing by Ben Tan)