S&P assigns Avnet notes BBB-

S&P assigned its BBB- issue-level rating to Avnet Inc.'s planned senior unsecured notes due 2028 with the final amount to be determined, which will rank equally in right of payment with the company's other outstanding unsecured and unsubordinated debt.

“All of our other ratings on Avnet, including our BBB- issuer credit rating and stable outlook, are unchanged,” the agency said in a press release.

Avnet said it plans to use the proceeds to primarily repay amounts owed under either its senior unsecured revolving credit facility or accounts receivable securitization program and to pay transaction-related fees and expenses.

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