Sanmina-SCI gets default notice on 6¾ notes, 8 1/8% notes for delayed filing, plans solicitation

By Caroline Salls

Pittsburgh, Aug. 21 - Sanmina-SCI Corp. received a notice of default on its $400 million of 6¾% senior subordinated notes due 2013 and $600 million of 8 1/8% senior subordinated notes due 2016 after the company said it would not file its 10-Q report for the quarter ended July 1 by the filing deadline, according to an 8-K filing with the Securities and Exchange Commission.

Sanmina said it is in discussions with noteholders and expects to begin a consent solicitation shortly to waive the defaults.

The 10-Q filing is being delayed by an ongoing investigation by the special committee of the company's board of directors regarding the company's stock option administration practice and policies.

According to the filing, the defaults will be cured if the company files its 10-Q by Sept. 14.

Sanmina-SCI is a San Jose, Calif.-based provider of customized, integrated electronics manufacturing services.

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