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SECURITIES AND EXCHANGE COMMISSION,
WASHINGTON, D.C. 20549
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SCHEDULE TO
(Rule 144-100)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
EFTC CORPORATION
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(Name of Subject Company (Issuer))
THAYER-BLUM FUNDING, L.L.C.
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(Names of Filing Persons (Offeror))
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
268443-10-8
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(CUSIP Number of Class of Securities)
Jeffrey W. Goettman
Thayer-BLUM Funding, L.L.C.
1455 Pennsylvania Avenue, N.W.
Washington,. D.C. 20004
Telephone: (202) 371-0150
with a copy to:
Eric A. Stern, Esq.
Latham & Watkins
1001 Pennsylvania Ave. N.W.
Suite 1300
Washington, D.C. 20004
Telephone: (202) 627-2200
CALCULATION OF FILING FEE
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Transaction
Valuation* Amount of Filing Fee**
$22,500,000.00 $4,500.00
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* This calculation assumes the purchase of 5,625,000 shares of Common Stock of
EFTC Corporation.
** The filing fee, calculated in accordance with Rule 0-11(d) of the Securities
Exchange Act of 1934, equals 1/50th of one percent of the aggregate value of
cash offered by Thayer-BLUM Funding, L.L.C. for 5,625,000 shares of Common Stock
at $4.00 per share.
[X] Check the box if any part of the fee is offset as provided by Rule 0-
11(a)(2) and identify the filing with which the offsetting fee was previously
paid. Identify the previous filing by registration statement number, or the
Form or Schedule and the date of its filing.
Amount Previously Paid: $4,500.00 Filing Party: Thayer-BLUM Funding, L.L.C.
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Form or Registration: Schedule TO Date Filed: July 20, 2000
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[ ] Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
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Check the appropriate boxes below to designate any transactions to which the
statement relates:
[X] third-party tender offer subject to Rule 14d-1.
[ ] issuer tender offer subject to Rule 13e-4.
[ ] going-private transaction subject to Rule 13e-3.
[ ] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results
of the tender offer: [ ]
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EFTC REPORTS MAILING PROXY STATEMENT
TO ITS SHAREHOLDERS
DENVER--July 21, 2000--EFTC Corporation (NASDAQ: EFTC), a leading provider of
high-mix electronic manufacturing services, reported that it has mailed a proxy
statement to its shareholders which contains a notice of special meeting to seek
their approval of certain aspects of a recapitalization transaction with Thayer
Equity Investors IV, L.P. (Thayer) and BLUM Capital Partners, L.P. (BLUM).
In the first stage of the recapitalization transaction, on March 30, 2000,
Thayer and BLUM invested a total of $54 million in EFTC in exchange for senior
subordinated exchangeable notes and warrants. In the second stage of the
transaction, on July 14, 2000, Thayer and BLUM invested a total of $14 million
in EFTC in exchange for senior subordinated exchangeable notes. In the final
stage of the recapitalization transaction, Thayer and BLUM have undertaken,
concurrently with the mailing of the proxy statement, a tender offer, which is
subject to the satisfaction of certain conditions, of up to 5,625,000 but not
less than 500,000 shares of the outstanding common stock of EFTC at a price of
$4.00 per share.
Upon shareholder approval of certain aspects of the transaction and consummation
of the tender offer, the warrants will be cancelled and the senior subordinated
exchangeable notes issued in March will be exchanged for senior subordinated
convertible notes that are convertible into common stock at a conversion price
of $2.58 per share and the senior subordinated exchangeable notes issued in July
will be exchanged for EFTC's Series B Convertible Preferred Stock.
EFTC, a provider of high-mix electronic services, is headquartered in Denver,
Colorado and employs over 1,500 people nationwide. EFTC provides its services
primarily to OEM customers in the avionics, medical, instrumentation, and
communications industries.
Thayer Capital Partners is a private equity investment firm based in Washington,
DC. Thayer manages two private equity funds with more than $1.2 billion under
management. The firm focuses on buyouts and growth equity investments in four
primary industries: information technology and services, electronics and
outsourced manufacturing, travel and leisure services, and outsourced business
services.
BLUM Capital Partners is a San Francisco-based private equity and strategic
block investment firm, which manages in excess of $3 billion in capital both
domestically and internationally. BLUM has invested in a wide variety of
businesses and has been successful initiating value-enhancing strategies,
including going-private transactions, equity infusions to either restructure a
balance sheet or provide growth capital, share repurchases, acquisition
programs, and business unit divestitures.
