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Avnet to use revolver borrowings to help fund redemption of notes
By Sarah Lizee
Olympia, Wash., April 2 – Avnet, Inc. plans to draw on its existing $1.25 billion senior unsecured revolving credit facility to help finance the redemption of its $300 million of its 5.875% notes due June 15, 2020 on April 30, according to an 8-K filing with the Securities and Exchange Commission.
The company plans to fund the redemption price and related costs with cash on hand as well.
The facility is scheduled to mature on June 28, 2023.
Avnet is a Phoenix-based distributor of electronic components, enterprise computer and storage products and IT solutions and services.
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