Avnet to pay down senior revolver using proceeds from new notes

By Marisa Wong

Madison, Wis., Nov. 20 - Avnet, Inc. plans to repay borrowings under its senior revolving credit facility using proceeds from an offering of notes due 2022, according to a 424B5 filing with the Securities and Exchange Commission.

As of Sept. 29, borrowings under the revolver totaled $240 million with an interest rate of 1.51%.

The company also plans to repay amounts owed under its accounts receivable securitization program with the notes proceeds. As of Sept. 29, there were $711 million of borrowings with an interest rate of 0.6% under the securitization program.

Avnet is an industrial distributor of electronic components, enterprise computer and storage products and embedded subsystems and is based in Phoenix.

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