| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Sanmina-SCI buys back $479.34 million 6¾%, 8 1/8% notes in offer
By Angela McDaniels
Tacoma, Wash., May 24 - Sanmina-SCI Corp. repurchased $279.34 million of its $380 million of 6¾% senior subordinated notes due 2013 and $200 million of its $600 million of 8 1/8% senior subordinated notes due 2016, according to a company news release.
A tender offer for any and all of the 6¾% notes and for up to $200 million of the 8 1/8% notes began on April 26 and ended at 8 a.m. ET on May 24.
The early tender date was 5 p.m. ET on May 9. As of that time, holders had tendered $257,484,000 of the 8 1/8% notes. Because the $200 million cap had been exceeded, the company accepted the notes tendered at that point on a pro rata basis and said it would not accept any additional notes.
For each $1,000 principal amount, the payment was $1,002.50 for the 6¾% notes and $1,043.13 for the 8 1/8% notes. The payment included a consent payment of $10.00 for each 6¾% note and an early tender premium of $10.00 for each 8 1/8% note.
All of the 6¾% notes repurchased in the offer were tendered by the early tender date. The remaining 6¾% notes will be redeemed at par plus accrued interest on June 10.
The company also solicited consents to amend the 6¾% note indenture to, among other things, eliminate most of the restrictive covenants and some events of default.
The offers were subject to sufficient financing, and the offer for the 6¾% notes required consents from holders of a majority of the notes.
The dealer manager and solicitation agent was Bank of America Merrill Lynch (888 292-0070 or 980 388-9217). The information agent was D.F. King & Co., Inc. (800 207-3158 or 212 269-5550).
Sanmina-SCI is a San Jose, Calif.-based provider of integrated electronics manufacturing services.
© 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.