Avnet gets new $350 million revolver

By Sara Rosenberg

New York, June 8 - Avnet Inc. closed on a new $350 million three-year unsecured revolving credit facility. Banc of America Securities LLC acted as joint lead arranger, sole book manager and administrative agent, ABN Amro acted as joint lead arranger, and Credit Suisse First Boston, The Bank of Nova Scotia and BNP Paribas acted as co-documentation agents, according to a company news release.

A total of 13 lenders participate in the facility.

"We appreciate the continued commitment from our long-term banking partners and are pleased to welcome new lenders into our bank group," said Raymond Sadowski, chief financial officer, in the release. "There was significant demand for participation in the facility and this strong sponsorship demonstrates confidence by the financial community in Avnet's future and its solid financial condition.

"This new credit facility, the recent 2% convertible senior debentures offering and the debt reductions accomplished over the last several years have significantly improved the company's balance sheet and strengthened its liquidity. Avnet is well positioned for growth during the current industry up-cycle," Sadowski added, in the release.

Avnet is a Phoenix industrial distributor of electronic components, enterprise network and computer equipment and embedded subsystems.

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