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Published on 3/13/2009 in the Prospect News High Yield Daily.

Celestica gets tenders for 83.1% of 7 7/8% notes at early deadline

By Jennifer Chiou

New York, March 13 - Celestica Inc. said it obtained early tenders for $406.6 million, or 83.1%, of its $489.44 million of 7 7/8% senior subordinated notes due 2011 in the cash tender offer for up to $150 million of the notes.

In the modified Dutch auction, the company said that it will accept tendered notes for between $960 and $1,010 per $1,000 principal amount, in increments of $5.00.

The offer ends at 5 p.m. ET on March 26. The early deadline was 5 p.m. ET on March 11. It began on Feb. 27.

Those who tendered by the early deadline will receive the $20.00 early tender payment that is included in the payout.

Celestica said that it will accept notes in the order of the lowest to the highest tender prices and because tenders were received in excess of the cap, they will be accepted on a pro rata basis.

The company said it will also pay accrued interest to the settlement date.

Questions may be directed to Banc of America Securities LLC, Global Debt Advisory Services (888 292-0070 or call collect 704 388-9217). The information agent is Global Bondholder Services Corp. (866 389-1500 or call collect 212 430-3774).

Celestica is a Toronto electronics manufacturing services company.


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