Sanmina draws $375 million term loan, lifts revolver to $700 million

By Wendy Van Sickle

Columbus, Ohio, June 4 – Sanmina Corp. drew down on Friday the full $375 million available under a delayed-draw term loan agreement entered on Nov. 30, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The term loan matures on Nov. 30, 2023.

Proceeds were used to repay the company’s 4.375% senior secured notes at maturity on June 1.

Following the satisfaction and discharge of the indenture and the release of all liens securing the senior notes, the company’s debt structure changed as follows, effective June 3: the revolving commitments increased by $200 million to a total of $700 million; the accordion feature was reset so that the company can obtain additional revolving commitments of up to $200 million, and the company and its subsidiary guarantors’ obligations under the credit agreement became secured by substantially all of the assets, excluding real property, of the company and the subsidiary guarantors, subject to some exceptions.

Bank of America, NA is the agent.

Sanmina is a San Jose, Calif.-based electronic manufacturing services provider.

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