Benchmark Electronics, Inc.,
Prior to 5:00 p.m., Eastern Time, on September 7, 2003, holders may convert their Notes into shares of Benchmark Electronics, Inc. common stock at a price of $40.20 per share, or approximately 24.88 shares of Benchmark Electronics, Inc. common stock per $1,000 principal amount of Notes. Cash will be paid in lieu of fractional shares. On August 7, 2003, the last reported sale price of Benchmark Electronics, Inc. common stock on the New York Stock Exchange was $38.80 per share.
Notes not converted will be redeemed on September 8, 2003. Upon redemption, holders will receive a total of $1,029.54 per $1,000 principal amount of Notes (consisting of the redemption price of $1,025.71 per $1,000 principal amount of Notes, plus accrued and unpaid interest thereon from August 15, 2003 up to but not including September 8, 2003, of approximately $3.83). Any Notes not converted on or before 5:00 p.m., Eastern Time, on September 7, 2003, will be automatically redeemed on September 8, 2003, and no further interest will accrue.
In connection with the redemption of the Notes, the Company will incur a $470,546 charge related to the write-off of unamortized debt issuance costs.
A Notice of Redemption is being mailed to all registered holders of the Notes, including the Depository Trust Corporation, by The Bank of New York, the trustee for the Notes. Copies of the Notice of Redemption may be obtained from The Bank of New York, the Conversion Agent and Paying Agent. The address of The Bank of New York is 101 Barclay Street, New York, New York 10286.
This news release contains certain forward-looking statements within the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict," and similar expressions, and the negatives of such expressions, are intended to identify forward-looking statements. Although the Company believes that these statements are based upon reasonable assumptions, such statements involve risks, uncertainties and assumptions, including but not limited to industry and economic conditions, customer actions and the other factors discussed in Benchmark's Form 10-K for the year ended December 31, 2002 and its other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.
Benchmark Electronics, Inc. is in the business of manufacturing electronics and provides its services to original equipment manufacturers of computers and related products for business enterprises, medical devices, video/audio/entertainment products, industrial control equipment, testing and instrumentation products, and telecommunication equipment. Benchmark's global operations include facilities in eight countries. Benchmark's Common Stock trades on the New York Stock Exchange under the symbol BHE.
SOURCE: Benchmark Electronics, Inc.
CONTACT: Gayla J. Delly, Chief Financial Officer, +1-979-849-6550
Web site: http://www.bench.com/