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Flextronics (NASDAQ: FLEX ) , the world's second largest electronics manufacturer, announced plans to sell up to $1 billion of senior unsecured notes to qualified institutional and non-U.S. buyers to repay borrowings under its 2007 term loan facility.
Fitch Ratings has assigned a "BBB-" rating to the offering, citing Flextronics' missteps in exiting PC design manufacturing, trouble sustaining profitability in the component space, and the highly competitive nature of its industry. The ratings firm expects Flextronics to use the proceeds to refinance its $1.2 billion senior unsecured term loans, set to mature in October 2014.
The Singapore-based company offers design, engineering, and manufacturing services to a number of industries, among them aerospace and defense, automotive, computing, medical, energy, and mobile OEMs.