Summary
This Form 8-K filing by Flextronics International Ltd. (FLEX) on June 17, 2009, primarily announces an extension and amendments to its ongoing cash tender offer and consent solicitation for its 6 1/2% Senior Subordinated Notes due 2013 and 6 1/4% Senior Subordinated Notes due 2014. The company is seeking to repurchase up to $100 million of each note series and concurrently solicit consent to amend restrictive covenants, specifically related to restricted payments and related definitions within the respective indentures. The key updates for investors are the revised deadlines for tendering notes and providing consent. The Early Tender/Consent Deadline has been moved from June 16, 2009, to June 19, 2009, and the final Expiration Time for the offer has been extended from June 25, 2009, to June 30, 2009. These extensions suggest the company may be seeking to improve participation in the offer or further negotiate terms with bondholders. Investors should note that specific amendments to the offer and solicitation terms are detailed in a Supplement to the Offer to Purchase and Consent Solicitation Statement.
Key Highlights
- 1Flextronics International Ltd. extended deadlines for its cash tender offer and consent solicitation for its 6 1/2% and 6 1/4% Senior Subordinated Notes.
- 2The Early Tender/Consent Deadline was extended from June 16, 2009, to June 19, 2009.
- 3The final Expiration Time for the tender offer was extended from June 25, 2009, to June 30, 2009.
- 4The company is offering to purchase up to $100,000,000 aggregate principal amount of each series of notes.
- 5A consent solicitation is underway to amend restricted payments covenants and related definitions in the notes' indentures.
- 6Specific amendments to the offer and solicitation terms are detailed in a Supplement dated June 17, 2009.