Solectron discloses convertible repurchase details

New York, Jan. 9 - Solectron Corp. disclosed details of its first fiscal quarter repurchases of $216 million of its two series of zero-coupon convertible senior notes using the LYONs structure in a filing with the Securities and Exchange Commission.

The Milpitas, Calif. electronic manufacturing services company said that during the first fiscal quarter it bought $205 million carrying amount of its LYONs due November 2020 for $171 million, resulting in a gain of $34 million.

The buybacks left $1.2 billion accreted amount as of Nov. 30, 2002 of the securities outstanding.

Solectron also repurchased $11 million carrying amount of its LYONs due May 2020 during the quarter for $11 million, resulting in no gain or loss.

As of Nov. 30, 2002, the company had $518 million accreted value of the notes remaining outstanding.

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