Moody’s gives Arrow notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Arrow Electronics, Inc.'s proposed offering of $700 million in seven- and 10-year senior notes.

The outlook is stable.

Proceeds will be used to refinance the outstanding 3 3/8% notes due November 2015 and for general corporate purposes, including acquisitions. Pending the application of the proceeds, the company may also apply the proceeds to reduce amounts outstanding if any under its $1.5 billion revolving credit facility or $900 million asset securitization program.

Moody’s said the Baa3 senior unsecured rating reflects Arrow’s substantial scale as one of the leading global distributors of electronic components and information technology (IT) products, with revenue expected to be about $25 billion this year, and wide geographic coverage.

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