SAN JOSE, Calif., June 4, 2019 /PRNewswire/ -- Sanmina
Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading
integrated manufacturing solutions company, announced that on
May 31, 2019 the Company borrowed the
$375.0 million secured delayed draw
term loan available under the Credit Agreement and applied the
proceeds to effect the satisfaction and discharge of the Indenture
that was dated as of June 4, 2014 (as
supplemented, the "Indenture"), by and between the Company and U.S.
Bank National Association, as trustee, pursuant to which the
Company had previously issued its $375.0
million principal amount 4.375% Senior Secured Notes that
were due on June 1, 2019 (the "Senior
Notes"). The $375.0 million secured
delayed draw term loan has a maturity date of November 30, 2023.
Following the satisfaction and discharge of the Indenture, using
the proceeds of the delayed draw term loan, and the release of all
liens securing the Senior Notes, the Company's debt structure
changed as follows, effective June 3,
2019: (i) the revolving commitments under the Credit
Agreement increased by $200.0
million, for a total of $700.0
million in revolving commitments, (ii) the accordion feature
of the Credit Agreement was reset so that the Company can obtain,
subject to the satisfaction of specified conditions, additional
revolving commitments in an aggregate amount of up to $200.0 million, (iii) the Company and its
subsidiary guarantors' obligations under the Credit Agreement
became secured by substantially all of the assets (excluding real
property) of the Company and the subsidiary guarantors, subject to
certain exceptions and (iv) the $375.0
million secured delayed draw term loan has a maturity date
of November 30, 2023.
About Sanmina
Sanmina Corporation is a leading
integrated manufacturing solutions provider serving the fastest
growing segments of the global Electronics Manufacturing Services
(EMS) market. Recognized as a technology leader, Sanmina provides
end-to-end manufacturing solutions, delivering superior quality and
support to Original Equipment Manufacturers (OEMs) primarily in the
communications networks, cloud solutions, industrial, defense,
medical and automotive. Sanmina has facilities strategically
located in key regions throughout the world. More information about
the Company is available at www.sanmina.com.
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SOURCE Sanmina Corporation