New Issue: Flextronics $400 million 10-year notes yield 6½%

By Paul A. Harris

St. Louis, May 5 - Flextronics International Ltd. sold $400 million of senior subordinated notes due May 15, 2013 (Ba2/BB-) at par Monday to yield 6½%, according to a syndicate source.

Price talk was for a yield of 6¼%-6½%.

Citigroup, Credit Suisse First Boston and Goldman Sachs & Co. were joint bookrunners.

Proceeds will be used to redeem the company's 8¾% senior subordinated notes due 2007 and for general corporate purposes.

Flextronics is a Singapore-based company that provides manufacturing services to electronics companies.

Issuer:	Flextronics International Ltd.
Amount:	$400 million
Maturity:	May 15, 2013
Security description:	Senior subordinated notes
Bookrunners:	Citigroup, Credit Suisse First Boston, Goldman Sachs (joint)
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	261 basis points
Call features:	Callable on May 15, 2008 at 103.25, then at 102.167, 101.083 declining to par on May 15, 2011 and thereafter
Equity clawback:	Until May 15, 2006 for 35% at 106.5
Settlement date:	May 8, 2003
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
Rule 144A Cusip:	33938EAH0
Price talk:	6¼%-6½%

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