Fitch applies BBB- to Arrow notes

Fitch Ratings said it assigned a BBB- rating to Arrow Electronics, Inc.'s senior unsecured note offering.

Arrow will use net proceeds for the redemption of all of its outstanding 3% notes due March 1, 2018 representing $300 million outstanding principal, to increase available cash balances and for general corporate purposes.

As of July 1, Arrow's total debt outstanding was $3.1 billion.

Under the terms governing the existing 3% notes, Arrow expects an aggregate redemption amount of approximately $302.7 million, which includes the estimated make-whole premium and unpaid accrued interest, based upon an anticipated expected redemption date of Oct. 5, 2017.

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