Sanmina-SCI receives tenders for 73.7% of 0% convertibles, offer oversubscribed

New York, March 21 - Sanmina-SCI Corp. said its tender offer for up to $735.632 million principal amount at maturity of its $1.144 billion principal amount at maturity zero-coupon convertible subordinated debentures due 2020 is oversubscribed with tenders of $843.3 million principal amount at maturity, or 73.7%, submitted by midnight ET on March 18, the expiration date.

The figures, which are preliminary, mean the company will apply a pro ration factor to tenders.

Sanmina-SCI announced the tender on Feb. 17, saying it was tendering for 64.3% of the outstanding convertibles.

The San Jose, Calif., contract electronics manufacturer was offering $543.75 per $1,000 principal amount at maturity.

Conditions to the tender include closing of the company's sale of $400 million of senior subordinated notes due 2013.

Banc of America Securities LLC is the dealer manager (call collect 212 933-2200 or 888 583-8900 ext. 2200). Georgeson Shareholder Communications Inc. is the information agent (banks and brokers call 212 440-9800, others call 800 456-6112), and Wells Fargo Bank NA is the depositary.

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