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Sanmina gets needed consents to amend 7% notes due 2019 by early date
By Marisa Wong
Madison, Wis., June 4 - Sanmina Corp. said it received tenders and consents from holders of $264,415,000 principal amount, or 52.88%, of its outstanding 7% senior notes due 2019 as of 5 p.m. ET on June 3, the early tender and consent deadline of its cash tender offer and consent solicitation for any and all of the 7% notes.
After receiving the required consents from noteholders, the company will enter into a supplemental indenture effecting the proposed amendments to the 7% notes. The amendments will eliminate most of the covenants and some events of default contained in the indenture governing the notes.
Payment for the early tendered notes will be made on June 4, according to a press release.
Holders who have not yet tendered their notes may do so until 11:59 p.m. ET on June 17.
Tenders may no longer be withdrawn.
Holders who tendered their notes by the consent payment deadline will 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.
The company will also pay accrued interest to, but excluding, the applicable settlement date.
The offer is conditioned upon the receipt of tenders for a majority in principal amount of the outstanding notes and the corresponding consents, which has been satisfied.
In addition, the offer is subject to a financing condition.
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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