Flextronics plans change-of-control tender offer for Solectron's 0.5% convertibles

By Angela McDaniels

Seattle, Oct. 3 - Flextronics International Ltd. plans to hold a change-of-control tender offer for Solectron Corp.'s 0.5% convertible senior notes due 2034 and 0.5% convertible senior notes series B due 2034.

The offer is expected to begin on Oct. 31, according to a news release.

Convertible holders who tender will receive par plus accrued interest to the repurchase date, which is expected to be Dec. 14.

The offer is being made in connection with Flextronics' acquisition of Solectron, which closed on Monday.

Solectron Global Finance Ltd. began a change-of-control tender offer for its 8% senior subordinated notes due 2016 on Wednesday. The offer price is 101% of par plus accrued interest to the purchase date, which will be Oct. 31.

Any 8% notes not tendered will be redeemed at par plus accrued interest and a make-whole premium on Oct. 31.

Solectron is a Milpitas, Calif.-based provider of complete product lifecycle services. Flextronics is a Singapore-based electronics manufacturing services provider.

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