New Issue: Avnet prices $500 million 6.25% five-year notes at 205 bps spread

By Wendy Van Sickle

Columbus, Ohio, March 6 – Avnet, Inc. priced $500 million of 6.25% five-year senior notes (Baa3/BBB-/BBB-) on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.723 to yield 6.315%, or a spread of 205 basis points over Treasuries.

The notes feature a make-whole call and then a par call.

BofA Securities, Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. are the joint active bookrunners. Passive bookrunners were BNP Paribas Securities Corp., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC.

Proceeds will be used to repay amounts owed under the company’s revolver and accounts receivable securitization program and for general corporate purposes.

Avnet is a Phoenix-based distributor of electronic components, enterprise computer and storage products and IT solutions and services.

Issuer:	Avnet, Inc.
Amount:	$500 million
Issue:	Senior notes
Maturity:	March 15, 2028
Bookrunners:	BofA Securities, Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc.
Passive bookrunners:	BNP Paribas Securities Corp., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC
Senior co-managers:	Academy Securities, Inc., Commerz Markets LLC, HSBC Securities (USA) Inc., Santander US Capital Markets LLC and Siebert Williams Shank & Co., LLC
Junior co-managers:	Huntington Securities, Inc., KBC Securities USA LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, MUFG Securities Americas Inc., Standard Chartered Bank, U.S. Bancorp Investments, Inc. and UniCredit Capital Markets LLC
Trustee:	Computershare Trust Co., NA
Counsel to issuer:	In-house
Counsel to underwriters:	Simpson Thacher & Bartlett LLP
Coupon:	6.25%
Price:	99.723
Yield:	6.315%
Spread:	Treasuries plus 205 bps
Call options:	Make-whole call at Treasures plus 35 bps until Feb. 15, 2028; par call after that
Put option:	Change-of-control put at 101
Pricing date:	March 6
Settlement date:	March 9
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Cusip:	053807AW3

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