Sanmina-SCI exceeds offer cap with early tenders for 73.51% of 6¾% notes, 42.91% of 8 1/8% notes

By Jennifer Chiou

New York, May 10 - Sanmina-SCI Corp. announced the receipt of early tenders for $279,340,000, or 73.51%, of its 6¾% senior subordinated notes due 2013 in the offer for any and all of the $380 million of notes.

The company also took in early tenders for $257,484,000, or 42.91%, of its $600 million of 8 1/8% senior subordinated notes due 2016 in the offer for up to $200 million of the securities.

Because the tendered 8 1/8% notes went beyond the tender cap, the company said it accepted those notes on a pro rata basis. The proration factor was 77.69%.

All early tenders for the 6¾% notes were accepted on May 10.

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

Those who tendered their 8 1/8% notes by the early deadline received $1,043.13 per $1,000 of accepted notes, including an early tender premium of $10.00.

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

The San Jose, Calif.-based provider of integrated electronics manufacturing services is also soliciting consent to amend the 6¾% note indenture to, among other things, eliminate most of the restrictive covenants and some events of default. It has executed a supplemental indenture for the 6¾% notes as a result of the early tenders.

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

Bank of America 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.