Arrow Electronics gives early tender update, lifts cap to $345 million

By Susanna Moon

Chicago, June 15 – Arrow Electronics, Inc. said it is now tendering for up to $345 million of four series of its notes and gave the results as of 5 p.m. ET on June 14, the early tender date.

Arrow said on June 1 that it was tendering for up to $285 million of the four note series until 11:59 p.m. ET on June 28.

The breakdown for the early tenders is as follows, according to a company update on Thursday, with pricing scheduled for 11 a.m. ET on June 15 using a reference security plus a fixed spread and the notes listed in order of priority acceptance levels:

• $89,567,000 of the $200 million 7.5% senior debentures due 2027 using the 2.375% U.S. Treasury due May 15, 2027 plus 165 basis points;

• $90,634,000 of the $300 million 6% notes due 2020 using the 1.5% U.S. Treasury due May 15, 2020 plus 75 bps;

• $119.14 million of the $250 million 5.125% notes due 2021 using the 1.75% U.S. Treasury due May 31, 2022 plus 70; and

• $193,358,000 of the $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 the early tender deadline.

Tenders may not be withdrawn after the early deadline.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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