-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FVvyWLnSSa/nne9SsMnCA3ZBp5LNN2AXFtcn5JkgOwnV8UzyKdcGFJqIGDZsRySC
 y23ZOelcSXoyzjyJe2TJ8Q==

<SEC-DOCUMENT>0001181431-06-042348.txt : 20060717
<SEC-HEADER>0001181431-06-042348.hdr.sgml : 20060717
<ACCEPTANCE-DATETIME>20060717175658
ACCESSION NUMBER:		0001181431-06-042348
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060714
FILED AS OF DATE:		20060717
DATE AS OF CHANGE:		20060717

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLEXTRONICS INTERNATIONAL LTD.
		CENTRAL INDEX KEY:			0000866374
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U0
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		ONE MARINA BOULEVARD, #28-00
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			018989
		BUSINESS PHONE:		(65) 6890 7188

	MAIL ADDRESS:	
		STREET 1:		ONE MARINA BOULEVARD, #28-00
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			018989

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEXTRONICS INTERNATIONAL LTD
		DATE OF NAME CHANGE:	19940318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLEX HOLDINGS PTE LTD
		DATE OF NAME CHANGE:	19940201

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DAVIDSON JAMES
		CENTRAL INDEX KEY:			0001181728

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23354
		FILM NUMBER:		06965863

	BUSINESS ADDRESS:	
		STREET 1:		535 MIGEON AVE
		CITY:			TORRINGTON
		STATE:			CT
		ZIP:			06790
		BUSINESS PHONE:		650 233 8120

	MAIL ADDRESS:	
		STREET 1:		C/O SILVER LAKE PARTNERS
		STREET 2:		2725 SAND HILL ROAD SUITE 150
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd123484.xml
<DESCRIPTION>CONVERTIBLE JUNIOR SUBORDINATED NOTES
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-07-14</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000866374</issuerCik>
        <issuerName>FLEXTRONICS INTERNATIONAL LTD.</issuerName>
        <issuerTradingSymbol>FLEX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001181728</rptOwnerCik>
            <rptOwnerName>DAVIDSON JAMES</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SILVER LAKE PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>2775 SAND HILL ROAD, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>MENLO PARK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94025</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Convertible Junior Subordinated Notes</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10.50</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-07-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>195000000</value>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-03-20</value>
            </exerciseDate>
            <expirationDate>
                <value>2008-03-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>0</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Convertible Junior Subordinated Notes</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10.50</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-07-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>195000000</value>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <valueOwnedFollowingTransaction>
                    <value>195000000</value>
                </valueOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Subject to adjustment pursuant to the terms of the Notes.</footnote>
        <footnote id="F2">The two reported transactions involved an amendment (the &quot;First Amendment&quot;) to the Note Purchase Agreement among Flextronics and Silver Lake Partners Cayman, L.P., Silver Lake Investors Cayman, L.P. and Silver Lake Technology Investors Cayman, L.P. (the &quot;Note Purchase Agreement&quot;), which may be deemed to result in the cancellation of the Convertible Junior Subordinated Notes and the reissuance of amended Notes.</footnote>
        <footnote id="F3">The First Amendment provided for the amendment of the Note Purchase Agreement and the Notes to, among other things (i) extend the maturity date of the Notes to July 31, 2009 and (ii) provide for net share settlement of the Notes upon maturity.  The Notes may no longer be converted or redeemed prior to maturity, other than in connection with certain change of control transactions, and upon maturity will be net share settled by the payment of cash equal to the face amount of the Notes and the issuance of shares with a value equal to any conversion value in excess of the face amount of the Notes.</footnote>
        <footnote id="F4">Initially, up to 18,571,428 shares, subject to adjustment as provided in the Note Purchase Agreement and under the terms of the Notes.</footnote>
        <footnote id="F5">The Reporting Person is a shareholder and a director of Silver Lake (Offshore) AIV GP Ltd., which is the general partner of Silver Lake Technology Associates Cayman, L.P. and Silver Lake Technology Investors Cayman, L.P.  Silver Lake Technology Associates Cayman, L.P. is the general partner of Silver Lake Partners Cayman, L.P. and Silver Lake Investors Cayman, L.P.  The Reporting Person disclaims any beneficial ownership of any Ordinary Shares into which the Notes are convertible except for any pecuniary interest therein he may possess by virtue of his position as a shareholder and a director of Silver Lake (Offshore) AIV GP Ltd.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Patricia Doherty, pursuant to Power of Attorney</signatureName>
        <signatureDate>2006-07-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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