Flextronics $500 million overnight convertibles talked at 0.5-1.0%, up 35-40%

By Ronda Fears

Nashville, July 30 - Flextronics International Ltd. launched $500 million of seven-year convertible notes talked to yield 0.5 to 1.0% with a 35% to 40% initial conversion premium, for pricing before the open Thursday.

Joint bookrunners of the Rule 144A deal are Credit Suisse First Boston, Deutsche Bank Securities, Banc of America Securities, Lehman Brothers and Citigroup.

The senior subordinated notes will be non-callable.

There is a $30 million greenshoe available.

Flextronics said proceeds would be used to repurchase outstanding senior subordinated notes and for general corporate purposes.

Its stock closed off 16c, or 1.37%, to $11.52.

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