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Sanmina begins cash tender offer, consent solicitation for 7% notes
By Marisa Wong
Madison, Wis., May 20 - Sanmina Corp. said it has begun a cash tender offer for any and all of its $500 million outstanding 7% senior notes due 2019.
The company is also soliciting consents to amendments to, among other things, eliminate most of the restrictive covenants and some events of default contained in the indenture governing the notes.
The offer will expire at 11:59 p.m. ET on June 17.
Holders who tender their notes prior to 5 p.m. ET on June 3, the consent payment deadline, will be entitled to receive $1,055.83, payable in cash, for each $1,000 principal amount of notes accepted for purchase. That amount includes a $30.00 consent payment.
Holders who tender their notes after the consent payment deadline but prior to the expiration date will be entitled to receive $1,025.83, payable in cash, for each $1,000 of notes accepted for purchase.
Holders who tender their notes will also receive accrued interest to, but excluding, the applicable settlement date. The settlement date for notes tendered prior to the consent payment deadline is expected to occur on June 4.
Tendered notes may be withdrawn at any time prior to 5 p.m. ET on June 3.
The offer is subject to a financing condition.
In addition, the offer is conditioned upon the receipt of tenders for a majority in principal amount of the outstanding notes and the corresponding consents.
BofA Merrill Lynch (888 292-0070 or 980 388 3646, attn.: debt advisory) is the dealer manager and solicitation agent for the offer. D.F. King & Co., Inc. (800 967-4612 or 212 269-5550) is the information agent.
Sanmina is a San Jose, Calif.-based electronic manufacturing services provider.
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