Flextronics driving by with $1 billion two-part bullet notes Tuesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Feb. 12 - Flextronics International Ltd. is set to hit Tuesday's market with a $1 billion issue of senior notes (existing ratings Ba1/BB+/BBB-) in seven-year and 10-year tranches, a market source said.

An investor call was scheduled for 11 a.m. ET, and sizes of the tranches are to be determined.

BofA Merrill Lynch and J.P. Morgan Securities LLC will bill and deliver and are the active bookrunners.

Citigroup Global Markets Inc. is an active bookrunner, and BNP Paribas Securities Corp., HSBC Securities (USA) Inc., RBS Securities Inc. and Scotia Capital (USA) Inc. are the passive bookrunners.

The Rule 144A with registration rights notes will be non-callable.

Proceeds will be used to repay $1 billion of the company's term loan B.

Flextronics is a Singapore-based electronics manufacturing services provider.

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