Avnet greenshoe exercised, increasing convertibles to $300 million

New York, March 8 - Avnet Inc. said the underwriters of its recent offering of convertible senior debentures due 2034 exercised the $30 million over-allotment option in full, increasing the size of the deal to $300 million.

The Phoenix distributor of semiconductors, electronic components and network and computer equipment originally sold $270 million of the securities after the market closed on March 1, pricing them to yield 2% with a 51% initial conversion premium.

Banc of America Securities and Credit Suisse First Boston were joint lead managers for the off-the-shelf deal.

Avnet will use proceeds together with cash on hand to redeem its 7.875% notes due 2005, a $360 million issue for which it is conducting a tender offer.

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