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Milpitas, Calif. — Solectron Corp. has obtained amendments to the definitions of minimum tangible net worth covenants of the company's undrawn, $450 million credit facilities.
As a result, the company remains in compliance with all of its debt covenants.
The amendments were obtained July 9 and are effective retroactively to May 30, 2003. In its June 19 earnings release, Solectron said it was seeking the amendments as a result of non-cash charges recorded in the company's fiscal third quarter, which ended in May. Information about the amendments was contained in Solectron's Form 10-Q report filed Friday with the Securities and Exchange Commission.
Solectron Corp. provides a full range of global manufacturing and supply-chain management services to the world's premier high-tech electronics companies. For more information, visit www.solectron.com.