Flex begins cash tender for all $500 million 4 5/8% notes due 2020

By Wendy Van Sickle

Columbus, Ohio, May 30 – Flex Ltd. began a cash tender offer for any and all of its $500 million of outstanding 4 5/8% notes due 2020, according to a news release.

Pricing will be set at 2 p.m. ET on June 5 and will be based on the bid-side price of the 1.375% U.S. Treasury note due Feb. 15, 2020 plus 50 basis points.

Holders will also receive accrued interest up to, but excluding, the settlement date, which is expected to be June 6.

The offer will expire at 5 p.m. ET on June 5.

The tender offer is subject to the satisfaction or waiver of some conditions, including the successful completion by Flex of an offering of new senior notes on terms satisfactory to Flex.

The company said it expects, but is not obligated to call for redemption any of the 2020 notes that remain outstanding after the tender offer.

J.P. Morgan Securities LLC (212 834-8553 or 866 834-4666), Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) and BNP Paribas Securities Corp. (212 841-3059 or 888 210-4358) are the dealer managers.

D.F. King & Co., Inc. (212 269-5550, 800 967-4607 or flex@dfking.com) is the tender agent and information agent.

Flex is a Singapore-based consumer and industrial products manufacturer with U.S. headquarters in San Jose, Calif.

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