September 21, 2009, 2009 (FinancialWire) — Electronics manufacturer Flextronics (NASDAQ: FLEX) said it has completed the sale of its equity investment and note receivable in Aricent, a privately-held technology and services firm focused exclusively on communications products and services. The company received $255 million in cash.

The move was part of a plan to monetize non-core assets and benefit from the cash generated from those dispositions, according to Flextronics.

The company said it has delevered by around $1.4 billion over the past year, which includes $1.1 billion of debt paydown and the reduction of A/R sales and securitizations by around $277 million.

Flextronics said that its recent deleveraging events included the repurchase of around $200 million of both its 6.5% senior subordinated notes and its 6.25% senior subordinated notes, including a consent to modify the indentures for both notes, which was completed in the quarter ending July 3. In addition, Flextronics retired at maturity $195 million of its 0% convertible junior subordinated notes on July 31.

Singapore-based Flextronics

is an electronics manufacturing services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer, industrial, infrastructure, medical and mobile OE

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.