Avnet tenders for 7 7/8% notes

New York, March 1 - Avnet Inc. (Ba2/BBB-) said it has begun a cash tender offer for any or all of its $360 million of outstanding 7 7/8% notes due 2005.

The tender offer will expire at midnight ET on March 26, subject to possible extension.

Avnet, a Phoenix-based distributor of computer equipment and other electronic components, said it will purchase any and all validly tendered 7 7/8% notes at a price of $1,055 per $1,000 principal amount, plus accrued and unpaid interest up to, but not including, the day of payment for the notes.

Avnet expects to make payment for all validly tendered notes promptly following the expiration of the tender offer. Tenders of the notes may be withdrawn at any time prior to the expiration of the tender offer.

The tender offer will be conditioned upon, among other things, completion of a separately announced offering of $270 million face amount of convertible senior debentures due 2034, with Avnet seeking total net proceeds of at least $262 million.

Banc of America Securities LLC is the dealer-manager for the tender offer (contact the Liability Management Group at either 704 387-1004 or 866 475-9886). The information agent and depositary for the tender offer is Global Bondholder Services Corp. (call 866 470-3700).

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