By Cristal Cody
Tupelo, Miss., Sept. 5 – Arrow Electronics, Inc. priced $500 million of 3.25% seven-year notes (Baa3/BBB-/BBB-) on Tuesday at a spread of 145 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.387 to yield 3.349%.
BofA Merrill Lynch, MUFG and Scotia Capital (USA) Inc. were the bookrunners.
Proceeds will be used to redeem the company's $300 million of 3% notes due 2018 and for general corporate purposes.
Englewood, Colo.-based Arrow Electronics provides products and services to industrial and commercial users of electronic components and enterprise computing.
| Issuer: | Arrow Electronics, Inc.
|
| Amount: | $500 million
|
| Description: | Notes
|
| Maturity: | Sept. 8, 2024
|
| Bookrunners: | BofA Merrill Lynch, MUFG and Scotia Capital (USA) Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Danske Markets Inc., ING Financial Markets LLC and SMBC Nikko Securities America, Inc.
|
| Coupon: | 3.25%
|
| Price: | 99.387
|
| Yield: | 3.349%
|
| Spread: | Treasuries plus 145 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before July 8, 2024; thereafter at par
|
| Trade date: | Sept. 5
|
| Settlement date: | Sept. 8
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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