By Andrea Heisinger
New York, June 17 - Avnet Inc. priced $300 million 5.875% 10-year senior unsecured notes on Thursday to yield Treasuries plus 275 basis points, a source away from the deal said.
The notes (Baa3/BBB-/BBB-) priced at 99.473 to yield 5.946%.
The notes have a make-whole call at Treasuries plus 45 bps and feature a change-of-control put of 101%.
Bank of America Merrill Lynch and J.P. Morgan Securities Inc. ran the books.
Co-managers were Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Credit Agricole Securities USA Inc., RBS Securities Inc., Scotia Capital USA Inc. and Wells Fargo Securities LLC.
Proceeds from the notes are being used for general corporate purposes.
The industrial distributor is based in Phoenix.
| Issuer: | Avnet Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million
|
| Maturity: | June 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Co-managers: | Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., Credit Agricole Securities USA Inc., RBS Securities Inc., Scotia Capital USA Inc., Wells Fargo Securities LLC
|
| Coupon: | 5.875%
|
| Price: | 99.473
|
| Yield: | 5.946%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | June 17
|
| Settlement date: | June 22
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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