Flextronics tenders for 9 7/8% notes

New York, Aug. 5 - Flextronics International Ltd. (Ba2/BB-) said that it has begun a cash tender offer for any and all of its $500 million of outstanding 9 7/8% senior subordinated notes due 2010.

Flextronics, a Singapore-based electronics manufacturer, set 5 p.m. ET on Aug. 19 as the early tender deadline and said the offer is scheduled to expire at 12 midnight ET on Sept. 3, with both deadlines subject to possible extension.

Noteholders who validly tender and do not subsequently withdraw their notes by the early tender deadline will receive total consideration of $1,170 per $1,000 principal amount of the notes tendered, including an early tender premium of $20 per $1,000 principal amount. Noteholders who validly tender their notes after the early tender deadline will receive a purchase price of $1,150 per $1,000 principal amount, which does not include the early tender premium. All tendering noteholders will also be paid accrued and unpaid interest up to, but not including, the payment date for the notes, which is expected to promptly follow either the early tender date or the expiration date, as the case may be.

Notes tendered before the early tender deadline may be validly withdrawn at any time until that time. Notes tendered after the early tender deadline may not be validly withdrawn, unless Flextronics reduces the amount of the purchase price, the early tender premium or the principal amount of the notes subject to the tender offer, or is otherwise required by law to permit withdrawal.

Citigroup Global Markets Inc. Is the dealer-manager for the offer (call the Citigroup Liability Management Group at 800 558-3745 or collect at 212 723-6106. Global Bondholder Services Corp. is the depositary and information agent for the tender offer (call 212 430-3774 or 866 470-3800)

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