Solectron says $950 million convertibles put back

New York, May 21 - Solectron Corp. said holders of $950 million of its zero-coupon convertible senior notes due November 2020 exercised the put option.

The Milpitas, Calif., electronic manufacturing services company said that the put along with other steps taken by the company have reduced debt by $2 billion since Feb. 28, when it was $3.3 billion.

The convertibles were putable on May 20. Solectron paid the put in cash.

As of Feb. 29, the accreted value of the notes was $946 million.

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