Sanmina-SCI takes out $600 million loan

According to Yahoo, the majority of the proceeds from the loan, which matures on Jan. 31, 2008, were used to pay off 3 percent convertible notes, due 2007. Roughly $532.9 million in cash was deposited to the trustee, equal to the principal and interest scheduled to be due and owing on the notes, which mature on March 15, 2007. The rest of the proceeds will reportedly be used for general expenses.