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

By Jennifer Chiou

New York, Oct. 31 - Flextronics International Ltd. announced the start of 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.

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

The offer ends at 5 p.m. ET on Nov. 30. Plans for the offer were announced on Oct. 3.

The offer is being made in connection with Flextronics' completed acquisition of Solectron.

The notes, which are convertible into a cash payment of $402.41 per $1,000 principal amount, are not currently convertible and Solectron said that there is no assurance that the notes will become convertible again at any time prior to their maturity on Feb. 15, 2034.

U.S. Bank NA is the paying agent (800 934-6802).

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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