Solectron Announces Early Settlement Offer for 41.8 Million of its 7.25 Percent Adjustable Conversion

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Milpitas, Calif. — Solectron Corp. has commenced an offer to exchange up to 41.8 million, or 95 percent, of its outstanding 7.25 percent Adjustable Conversion-Rate Equity Security Units (Equity Security Units).

The purpose of the exchange is to effect the early settlement of the embedded purchase contracts and the early retirement of debentures currently pledged to secure the embedded purchase contract settlement on November 15, 2004.

In accordance with the terms and subject to the conditions of the early settlement offer, for each validly tendered and accepted Equity Security Unit, Solectron is offering to exchange:

  • 2.5484 shares of its common stock, and
  • $1.97 in cash.

Fractional shares will not be issued in the early settlement offer and cash will be paid in lieu of fractional shares. The early settlement offer is being made pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended.

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