By Andrea Heisinger
New York, Sept. 23 - Arrow Electronics Inc. priced an upsized $300 million of 6% senior unsecured notes due April 1, 2020 on Wednesday at Treasuries plus 250 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was originally $250 million, a source said. The amount was increased early in the pricing process.
The notes (Baa3/BBB-/BBB-) priced at 99.969 to yield 6.004%. They have a make-whole call at Treasuries plus 40 bps and feature a change-of-control put of 101%.
Bank of America Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities Inc. ran the books.
Co-managers were Credit Suisse Securities, Morgan Stanley & Co. Inc., BNP Paribas Securities Corp., Mitsubishi UFJ Securities and Scotia Capital (USA) Inc.
Proceeds will be used to repurchase all or some of the outstanding $200 million of 9.15% senior notes due 2010.
The industrial and commercial electronic components company is based in Melville, N.Y.
| Issuer: | Arrow Electronics Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | April 1, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Co-managers: | Credit Suisse Securities, Morgan Stanley & Co. Inc., BNP Paribas Securities Corp., Mitsubishi UFJ Securities, Scotia Capital (USA) Inc.
|
| Coupon: | 6%
|
| Price: | 99.969
|
| Yield: | 6.004%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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