Sanmina-SCI refinances 3% convertibles via loan proceeds

By Jennifer Chiou

New York, Oct. 16 - Sanmina-SCI Corp. said it used $532.875 million of proceeds from a term loan to refinance about $525 million of 3% convertible subordinated notes due 2007 issued by SCI Systems, Inc.

The funds, equal to the principal and interest on the notes due March 15, were deposited with the note trustee.

On Oct. 13, the company entered into a $600 million unsecured term loan, which matures on Jan. 31, 2008.

The San Jose, Calif., provider of customized, integrated electronics manufacturing services said remaining proceeds will be used for working capital and general corporate purposes.

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