...NEW YORK (S&P Global Ratings) Dec. 7, 2018--S&P Global Ratings said today that it is assigning a '###-' issue-level rating and '2' recovery rating to San Jose, Calif.-based global contract manufacturing provider Sanmina Corp.'s $375 million secured delayed draw term loan due November 30, 2023. The '2' recovery rating reflects our expectation for substantial recovery (70% to 90%, rounded estimate: 80%) in the event of payment default. These ratings are the same as the ratings on Sanmina's existing secured debt. Sanmina will use the proceeds to repay its $375 million secured notes due June 2019. At the same time, we affirmed our '###-' rating on the company's $500 million revolving credit facility due November 30, 2023. The '2' recovery rating is unchanged. Our '##+' issuer credit rating on the company is unchanged. The rating reflects Sanmina's highly competitive and cyclical industry conditions and its meaningful client concentration, with its top 10 customers representing about half of...
