Summary
This Form 8-K filing from Flextronics International Ltd. (FLEX) on June 12, 2009, primarily serves to announce an extension to the early tender and consent deadline for its previously disclosed cash tender offer and related consent solicitation. The company is offering to repurchase up to $100 million each of its 6 1/2% Senior Subordinated Notes due 2013 and 6 1/4% Senior Subordinated Notes due 2014. The extension pushes the early deadline from June 11, 2009, to June 16, 2009, giving noteholders more time to tender their securities or consent to proposed amendments. The proposed amendments relate to the restricted payments covenants and certain related definitions within the indentures governing these notes. This action suggests the company is seeking to modify its debt covenants, potentially to gain more financial flexibility or to facilitate future strategic actions. Investors should note that the overall expiration of the tender offer remains June 25, 2009, and all other terms of the offer and solicitation are unchanged. The full press release detailing these extensions and the offer is attached as an exhibit.
Key Highlights
- 1Flextronics International Ltd. (FLEX) extended the early tender and consent deadline for its cash tender offer and consent solicitation.
- 2The early deadline was moved from June 11, 2009, to June 16, 2009.
- 3The company is offering to purchase up to $100 million each of its 6 1/2% Senior Subordinated Notes due 2013 and 6 1/4% Senior Subordinated Notes due 2014.
- 4The consent solicitation seeks to amend restricted payments covenants and related definitions in the notes' indentures.
- 5The overall expiration date for the tender offer remains June 25, 2009, unless further extended or terminated.
- 6All other terms and conditions of the offer and consent solicitation remain unchanged.