Arrow Electronics to sell notes due 2028 to redeem outstanding bonds

By Cristal Cody

Tupelo, Miss., June 1 – Arrow Electronics, Inc. intends to price senior notes due 2028 (BBB-), according to a 424B3 filing with the Securities and Exchange Commission on Thursday.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC are the bookrunners.

The issue has a 101% change-of-control put.

Proceeds will be used to repurchase a portion of the company’s $300 million outstanding 3% notes due 2018, $300 million outstanding of 6% notes due 2020, $250 million outstanding of 5.125% notes due 2021 and $200 million outstanding of 7.5% senior debentures due 2027 through a tender offer. The company also may use a portion of the proceeds to redeem the $200 million outstanding of 6.875% senior debentures due 2018 that it issued a notice of redemption for on May 22.

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

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