Avnet to price $250 million split-rated 10-year notes on Thursday off high-grade desk

By Paul A. Harris

St. Louis, Sept. 6 - Avnet, Inc. is expected to price a $250 million split-rated offering of 10-year senior notes (Ba1/BBB-) on Thursday, according to an informed source.

No price talk had been heard as Prospect News went to press on Wednesday night.

Banc of America Securities LLC and JP Morgan are joint bookrunners for the notes, which have been registered with the Securities and Exchange Commission and which will be priced off of the high-grade desk.

Credit Suisse is the joint lead manager. ABN Amro, BNP, Calyon Securities and Scotia Capital are the co-managers.

The notes will come with a make-whole call provision.

Proceeds will be used to repurchase at least $250 million of the company's $361.4 million of outstanding 9¾% senior notes due February 2008.

Avnet is a Phoenix-based distributor of electronic components and computer products.

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