New Issue: Arrow Electronics prices $500 million 5.875% notes due 2034 at 155 bps spread

By Wendy Van Sickle

Columbus, Ohio, April 1 – Arrow Electronics, Inc. priced $500 million of 5.875% 10-year notes (Baa3/BBB-/BBB-) at 99.97 to yield 5.879%, or Treasuries plus 155 basis points, on Monday, according to an FWP filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and HSBC Securities (USA) Inc. are joint bookrunners.

Proceeds from the offering will be used to redeem all of the issue of the company’s $500 million of 6.125% notes due March 1, 2026. Any remaining proceeds will be used for general corporate purposes, which may include acquisitions or the repayment of debt.

Arrow Electronics is a Centennial, Colo.-based provider of products and services to industrial and commercial users of electronic components and enterprise computing solutions.

Issuer:	Arrow Electronics, Inc.
Amount:	$500 million
Issue:	Notes
Maturity:	April 10, 2034
Bookrunners:	J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and HSBC Securities (USA) Inc.
Co-managers:	Goldman Sachs & Co. LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank and Wells Fargo Securities, LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Latham & Watkins LLP
Counsel to underwriters:	Davis Polk & Wardwell LLP
Coupon:	5.875%
Price:	99.97
Yield:	5.879%
Spread:	Treasuries plus 155 bps
Call:	Make-whole call at Treasuries plus 25 bps until Jan. 10, 2034, thereafter at par
Change-of-control put:	At 101
Pricing date:	April 1
Settlement date:	April 10
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Cusip:	04273WAE1

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