Avnet restates credit agreement for $1.25 billion five-year revolver

By Marisa Wong

Los Angeles, Aug. 3 – Avnet, Inc. and Avnet Holding Europe BV entered into a second amended and restated credit agreement on Aug. 2 for a $1.25 billion five-year senior unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement amends and extends Avnet’s existing amended and restated credit agreement dated June 28, 2018.

The new revolver, which is scheduled to mature on Aug. 2, 2027, includes an option to increase commitments by up to $250 million.

Loans may be made in U.S. dollars, euros and pounds sterling, up to the aggregate principal amount of the facility, but is subject to a $200 million sublimit for aggregated issuances of U.S. dollar-denominated standby and commercial letters of credit and a $300 million sublimit for aggregated loans in other approved currencies, including Australian dollars, Hong Kong dollars, Singapore dollars and Japanese yen.

Interest is based on SOFR plus an applicable margin based on ratings that ranges from 90 basis points to 147.5 bps.

The facility fee ranges from 10 bps to 27.5 bps, also based on ratings.

Bank of America, NA is administrative agent, swingline lender and a letter-of-credit issuer.

BofA Securities, Inc., BNP Paribas Securities Corp., Bank of Nova Scotia, MUFG Bank, Ltd., Truist Securities, Inc. and JPMorgan Chase Bank, NA are the joint lead arrangers and joint bookrunners.

BNP Paribas, JPMorgan, MUFG, Scotiabank and Truist Bank are co-syndication agents.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.