New Issue: Singapore's Flextronics prices $1 billion bullet notes in two parts

By Paul A. Harris

Portland, Ore., Feb. 12 - Flextronics International Ltd. priced $1 billion of non-callable senior notes (Ba1/BB+/BBB-) in two $500 million tranches on Tuesday, according to a syndicate source.

A tranche of seven-year notes priced at par to yield 4 5/8%. The yield printed in the middle of the 4½% to 4¾% yield talk. Earlier guidance on the seven-year notes was in the 4¾% area.

Meanwhile a tranche of 10-year notes priced at par to yield 5%, on top of both yield talk and early guidance.

BofA Merrill Lynch and J.P. Morgan Securities LLC will bill and deliver and were active bookrunners. Citigroup Global Markets Inc. was also an active bookrunner.

BNP Paribas Securities Corp., HSBC Securities (USA) Inc., RBS Securities Inc. and Scotia Capital (USA) Inc. were the passive bookrunners.

Proceeds will be used to repay $1 billion of the company's term loan B.

Flextronics is a Singapore-based electronics manufacturing services provider.

Issuer:	Flextronics International Ltd.
Amount:	$1 billion
Securities:	Senior notes
Physical bookrunners:	BofA Merrill Lynch (bill and deliver), Citigroup Global Markets Inc., J.P. Morgan Securities LLC (bill and deliver)
Passive bookrunners:	BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., RBS Securities Inc., Scotia Capital (USA) Inc.
Co-managers:	ANZ Securities Inc., Barclays, DBS Bank Ltd., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., SMBC Nikko Capital Markets Ltd., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Trade date:	Feb. 12
Settlement date:	Feb. 20
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S with registration rights
Marketing:	Quick to market
Seven-year notes
Amount:	$500 million
Maturity:	Feb. 15, 2020
Coupon:	4 5/8%
Price:	Par
Yield:	4 5/8%
Spread:	325 bps
Price talk:	4½% to 4¾% (earlier guidance was in the 4¾% area)
10-year notes
Amount:	$500 million
Maturity:	Feb. 15, 2023
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	302 bps
Price talk:	5% area (earlier guidance was also in the 5% area)

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