Avnet in market with offering of 10-year notes, plans to repay debt

By Andrea Heisinger

New York, Nov. 20 - Avnet, Inc. is in the market with an offering of 10-year notes on Tuesday, according to a filing with the Securities and Exchange Commission.

The notes (Baa3/BBB-/BBB-/) feature a change-of-control put at 101%.

Bank of America Merrill Lynch and RBS Securities Inc. are the bookrunners.

Proceeds will be used to repay amounts owed under a senior unsecured revolving credit facility and accounts receivable securitization program.

Avnet was last in the bond market with a $300 million sale of 5.875% 10-year notes sold at Treasuries plus 275 basis points over Treasuries on June 17, 2010.

The industrial distributor is based in Phoenix.

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