SINGAPORE, Oct. 31 /PRNewswire-FirstCall/ -- Flextronics International Ltd. (Nasdaq: FLEX) today announced that, in connection with Flextronics's previously announced acquisition of Solectron Corporation on October 1, 2007, Solectron has notified holders of its outstanding 0.50% Convertible Senior Notes due 2034 (CUSIP Nos. 834182 AR 8 and 834182 AS 6) and Solectron's 0.50% Convertible Senior Notes Series B due 2034 (CUSIP No. 834182 AT) (together, the "Convertible Notes") that it will repurchase any Convertible Notes delivered for repurchase pursuant to its offer to repurchase at a cash price equal to 100% of their outstanding principal amount, plus accrued and unpaid interest to, but excluding, the date of repurchase. The indentures governing the Convertible Notes require Solectron to make the offer to repurchase the Convertible Notes as a result of Flextronics's acquisition of Solectron.
U.S. Bank National Association is acting as the paying agent for Solectron's offer to repurchase its Convertible Notes (the "Paying Agent").
In order to have their Convertible Notes repurchased, holders must validly surrender their Convertible Notes to the Paying Agent by 5:00 p.m., New York City time, on November 30, 2007 (the "Submission Deadline"). The repurchase price for all Convertible Notes validly surrendered and not withdrawn by the Submission Deadline shall become due and payable on December 14, 2007 and interest on such Convertible Notes will cease to accrue on and after such date. Solectron will deposit a cash payment equal to the aggregate repurchase price for the Convertible Notes being repurchased with the Paying Agent, which will transmit payments to holders.
The Convertible Notes, which are convertible into a cash payment of $402.41 per $1,000 principal amount, are not currently convertible and Solectron makes no assurances that the Convertible Notes will become convertible again at any time prior to their maturity on February 15, 2034.
Holders of Convertible Notes should carefully read the Change in Control Repurchase Notice issued by Solectron, as it contains important information regarding the procedures to be followed and timing for Solectron's repurchase of the Convertible Notes. Holders of Convertible Notes may obtain copies of the Change in Control Repurchase Notice and delivery instructions for the Convertible Notes by contacting U.S. Bank National Association at (800) 934-6802.
Headquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. With the acquisition of Solectron, pro forma fiscal year 2007 revenues from continuing operations are more than US$30.0 billion. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in 35 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market. For more information, please visit http://www.flextronics.com.
|SOURCE Flextronics International Ltd.|
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