New Issue: Avnet sells $270 million convertible at 2.0%, up 51%

Nashville, March 2 - Avnet Inc. sold $270 million of 30-year convertible notes at par to yield 2.0% with a 51% initial conversion premium via joint lead managers Banc of America Securities and Credit Suisse First Boston.

The split-rated, registered offering priced at the cheaper end of guidance for a coupon of 1.625% to 2.125% and with a 50% to 55% initial conversion premium.

With cash on hand, proceeds are earmarked to redeem its 7.875% notes due 2005, a $360 million issue for which a tender began Monday.

Terms of the deal are:

Issuer:	Avnet Inc.
Issue:	Convertible senior notes
Bookrunners:	Banc of America Securities and Credit Suisse First Boston
Co-managers:	Bank One, ABN Amro, Scotia Markets, RBC Dominion and Wachovia Securities
Amount:	$270 million
Greenshoe:	$30 million
Maturity:	March 15, 2034
Coupon:	2.0%
Price:	Par
Yield:	2.0%
Conversion premium:	51%
Conversion price:	$33.84
Conversion ratio:	29.5516
Call:	Non-callable for 5 years
Put:	In years 5, 10, 15, 20 and 25
Contingent conversion:	135%
Contingent payment:	120%
Ratings:	Moody's: Ba2
	S&P: BBB-
	Fitch: BB
Price talk:	1.625-2.125%, up 50-55%
Pricing date:	March 1, after the close
Settlement date:	March 5
Distribution:	Registered

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