By Ronda Fears
Nashville, July 31 - Flextronics International Ltd. sold $500 million of seven-year convertible notes at par to yield 1.0% with a 35% initial conversion premium - at the cheap end of price talk which had put the yield at 0.5% to 1.0% with a 35% to 40% conversion premium.
Joint bookrunners of the Rule 144A deal are Credit Suisse First Boston, Deutsche Bank Securities Inc., Banc of America Securities, Lehman Brothers and Citigroup.
Flextronics said proceeds would be used to repurchase outstanding senior subordinated notes and for general corporate purposes.
Terms of the new deal are:
Issuer: Flextronics International Ltd.
| Issue: | Convertible senior subordinated notes
|
| Lead managers: | | Credit Suisse First Boston, Deutsche Bank Securities, Banc of America Securities, Lehman Brothers and Citigroup
|
| Amount | $500 million
|
| Greenshoe: | $30 million
|
| Maturity: | Aug. 1, 2010
|
| Coupon: | 1.0%
|
| Price: | Par
|
| Yield: | 1.0%
|
| Conversion premium: | 35%
|
| Conversion price: | $15.525
|
| Conversion ratio: | 64.4122
|
| Call: | Non-callable
|
| Price talk: | 0.5-1.0%, up 35-40%
|
| Pricing date: | July 30, after the close
|
| Settlement: | Aug. 5
|
| Distribution: | Rule 144A
|
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