By Paul A. Harris
St. Louis, Sept. 7 - Avnet, Inc. priced an upsized and split-rated $300 million issue of 6 5/8% 10-year notes Ba1/BBB-) to yield Treasuries plus 187.5 basis points, the price talk at which the offer was launched, according to informed sources.
The notes sold on Thursday at a 99.545 dollar price to yield 6.688%.
Banc of America Securities, LLC and JP Morgan were joint bookrunners for the registered notes.
The issue was upsized from $250 million.
Proceeds will be used to repurchase outstanding 9¾% senior notes due February 2008.
Avnet is a Phoenix-based distributor of electronic components and computer products.
| Issuer: | Avnet, Inc.
|
| Amount: | $300 million (upsized from $250 million)
|
| Maturity: | Sept. 15, 2016
|
| Security description: | Senior unsecured notes
|
| Bookrunners: | Banc of America Securities LLC, JP Morgan
|
| Joint lead manager: | Credit Suisse
|
| Co-managers: | ABN Amro, BNP Paribas, Calyon Securities, Scotia Capital
|
| Coupon: | 6 5/8%
|
| Price: | 99.545
|
| Yield: | 6.688%
|
| Spread: | 187.5 bps
|
| Call protection: | Make-whole call at Treasuries plus 30 bps
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 12
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | Launched at Treasuries plus 187.5 bps
|
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