-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueComing to Terms With AI
In this issue, we examine the profound effect artificial intelligence and machine learning are having on manufacturing and business processes. We follow technology, innovation, and money as automation becomes the new key indicator of growth in our industry.
Box Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Sanmina-SCI Announces New Financing Transaction
December 6, 2002 |Estimated reading time: 1 minute
San Jose, Calif. -- Sanmina-SCI Corp. intends to issue $450 million of senior secured notes with an expected seven-year maturity in a private placement to qualified investors, subject to market conditions.
The notes are being offered as part of a refinancing transaction pursuant to which Sanmina-SCI also intends to enter into a new $250 million senior secured credit facility secured by the same collateral securing the notes on a first priority basis. The financings are expected to close in December 2002.
A portion of the $450 million of notes will be issued by Sanmina-SCI, while Sanmina-SCI Finance ULC, a finance subsidiary of Sanmina-SCI, intends to issue a portion as well. The notes will be guaranteed by all of Sanmina-SCI's U.S. subsidiaries and secured on a second-priority basis by substantially all of the assets of Sanmina-SCI and its U.S. subsidiaries located in the United States, a pledge of all the capital stock of substantially all of Sanmina-SCI's U.S. subsidiaries and a pledge of 65 percent of the capital stock of all of Sanmina-SCI's existing first tier foreign subsidiaries.
The net proceeds of the notes offering, in combination with the net proceeds from the proposed new senior secured credit facility, will be used to repay Sanmina-SCI's debt under its existing credit facility, to repay the outstanding balance under its receivables securitization facility, to refinance or restructure its other debt, and to fund further expansion of its business and working capital.
For more information on Sanmina-SCI Corp., visit www.sanmina.com.