Sanmina-SCI tenders for any and all of its $380 million 6¾% notes, up to $200 million 8 1/8% notes

By Jennifer Chiou

New York, April 26 - Sanmina-SCI Corp. announced the start of a cash tender offer for any and all of its outstanding $380 million of 6¾% senior subordinated notes due 2013.

The San Jose, Calif.-based provider of integrated electronics manufacturing services is also soliciting consent to amend the note indenture to, among other things, eliminate most of the restrictive covenants and some events of default.

The company is also tendering for a maximum of $200 million of its $600 million of 8 1/8% senior subordinated notes due 2016.

The tender offers will end at 8 a.m. ET on May 24.

Those who tender their 6¾% notes prior to 5 p.m. ET on May 9 will receive the total payment of $1,002.50 for each $1,000 principal amount, including a consent payment of $10.00.

Those who tender their 8 1/8% notes by the early deadline will be entitled to receive $1,043.13 per $1,000 of accepted notes, including an early tender premium of $10.00.

Any 8 1/8% notes tendered in excess of the cap will be prorated.

The offers are subject to sufficient financing, and the offer for the 6¾% notes requires consents from holders of a majority of the notes.

Early settlement is slated for May 10.

Merrill Lynch is the dealer manager and solicitation agent (888 292-0070 or collect at 980 388-9217; attention: Debt Advisory Services). D.F. King & Co., Inc. is the information agent (800 207-3158 or 212 269-5550).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.