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Arrow Electronics begins one-month tender for $285 million of notes
By Susanna Moon
Chicago, June 1 – Arrow Electronics, Inc. is tendering for up to $285 million of four series of notes until 11:59 p.m. ET on June 28.
Pricing will be set at 11 a.m. ET on June 15 using a reference security plus a fixed spread as follows, with the notes listed in order of priority acceptance levels, according to a company announcement on Thursday:
• $200 million 7.5% senior debentures due 2027 using the 2.375% U.S. Treasury due May 15, 2027 plus 165 basis points;
• $300 million 6% notes due 2020 using the 1.5% U.S. Treasury due May 15, 2020 plus 75 bps;
• $250 million 5.125% notes due 2021 using the 1.75% U.S. Treasury due May 31, 2022 plus 70; and
• $300 million 3% notes due 2018 using the 1.25% U.S. Treasury due May 31, 2019 plus 30 bps.
The total purchase price will include an early tender premium of $50 per $1,000 principal amount of notes tendered by 5 p.m. ET on June 14, the early tender date.
Tenders may be withdrawn before the early deadline.
Holders also will receive accrued interest up to but excluding the settlement date of June 16 for early tenders and June 29 for any remaining tenders.
Goldman Sachs & Co. LLC (212 357-1057 or 800 828-3182), J.P. Morgan Securities LLC (212 834-8553 or 866 834-4666) and Mizuho Securities USA LLC (212 205-7736 or 866 271-7403) are the dealer managers. The information agent and tender agent is D.F. King & Co., Inc. (800 967-5079, 212 269-5550 or arw@dfking.com.
Arrow Electronics is based in Englewood, Colo., and provides products and services to industrial and commercial users of electronic components and enterprise computing.
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