New Issue: Avnet prices $550 million 4.625% 10-year notes at 280 bps spread

By Cristal Cody

Eureka Springs, Ark., March 21 – Avnet, Inc. sold $550 million of 4.625% 10-year notes at 99.276 to yield 4.716% on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB-) priced with a spread of 280 basis points over Treasuries.

J.P. Morgan Securities LLC, BofA Merrill Lynch and MUFG were the bookrunners.

Proceeds will be used for general corporate purposes, which may include the repayment or redemption of $300 million outstanding 6.625% notes due Sept. 15, 2016 and debt owed under its senior revolving credit facility and accounts receivable securitization program.

Avnet is a Phoenix-based distributor of electronic components, enterprise computer and storage products and IT solutions and services.

Issuer:	Avnet, Inc.
Amount:	$550 million
Maturity:	April 15, 2026
Securities:	Notes
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG
Co-managers:	BNP Paribas Securities Corp., Mizuho Securities USA Inc., Scotia Capital (USA) Inc., Branch Banking and Trust Co., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC
Coupon:	4.625%
Price:	99.276
Yield:	4.716%
Spread:	280 bps over Treasuries
Call feature:	Make-whole prior to Jan. 15, 2026 at greater of par and Treasuries plus 45 bps; par on or after Jan. 15, 2026
Change-of-control put:	101%
Trade date:	March 21
Settlement date:	March 29
Ratings:	Moody’s: Baa3
	Standard & Poor’s: BBB-
Distribution:	SEC registered

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