Arrow Electronics selling five-, 10-year senior notes Tuesday

By Andrea Heisinger

New York, Feb. 12 - Arrow Electronics, Inc. is set to price senior notes (Baa3/BBB-/BBB-) in two maturities on Tuesday, according to a market source and a 424B2 filing with the Securities and Exchange Commission.

The sale will include five-year notes and 10-year notes, the source said.

There is a change-of-control put at 101%.

BofA Merrill Lynch and J.P. Morgan Securities LLC are the active bookrunners. Goldman Sachs & Co. is a passive bookrunner.

Proceeds will be used to refinance outstanding 6.875% notes due July 1, 2013 and for other general corporate purposes, including acquisitions.

Arrow last tapped the U.S. bond market in a $500 million sale in two tranches on Oct. 29, 2010. The trade included a 3.375% five-year note priced at 230 basis points over Treasuries and a 5.125% 10-year note sold at Treasuries plus 255 bps.

The maker of electronic components and enterprise computing solutions is based in Melville, N.Y.

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