Milpitas-Based Solectron Secures New $350 Million Credit Facility

Milpitas, Calif. -- Solectron, a Milpitas-based provider of electronics manufacturing and supply chain services, said on Tuesday that it has secured a three-year, $350 million revolving credit facility, which could be increased to as much as $500 million as the company's discretion. The agreement, which will expire in 2009, amends and restates a $500 million credit agreement scheduled to expire next August. The company said that the new deal, co-arranged by Banc of America Securities and J.P. Morgan Securities, includes more favorable terms, something made possible by its improved cash position over the past two years. The company never barrowed under the previous agreement.
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