Avnet gets $500 million amended, restated revolver

By Sara Rosenberg

New York, Oct. 14 - Avnet Inc. closed on a $500 million amended and restated unsecured revolving credit facility, according to a company news release.

Bank of America is administrative agent on the deal. Banc of America Securities LLC and ABN Amro Inc. acted as joint lead arrangers, and Credit Suisse First Boston, the Bank of Nova Scotia and BNP Paribas were co-documentation agents. A total of 17 lenders participated in the facility.

Through the new deal, the company increased its revolver from $350 million and extended the maturity to Oct. 13, 2010 from June 7, 2007.

The revolver contains a $50 million accordion feature.

"There was significant demand for participation in the facility and this strong sponsorship demonstrates confidence by the financial community in Avnet's future and its solid financial condition," said Raymond Sadowski, chief financial officer, in the release.

"This new credit facility, the recent $250 million 6% senior notes offering, the recent increase in our accounts receivable securitization program to $450 million and the debt reductions accomplished over the last several years, have significantly improved the company's balance sheet and strengthened its liquidity," Sadowski added in the release.

Avnet is a Phoenix, Ariz., distributor of electronic components, enterprise network and computer equipment and embedded subsystems.

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