By Andrea Heisinger
New York, Nov. 20 - Avnet, Inc. was in the market with an upsized $350 million of 4.875% 10-year notes on Tuesday priced to yield Treasuries plus 325 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size of the trade was increased from $300 million, a source said.
The notes (Baa3/BBB-/BBB-/) sold at 99.788 to yield 4.902%.
There is a make-whole call at 50 bps over Treasuries, and the notes feature a change-of-control put at 101%.
Bank of America Merrill Lynch and RBS Securities Inc. were the bookrunners.
Proceeds will be used to repay amounts owed under a senior unsecured revolving credit facility and accounts receivable securitization program.
Avnet was last in the bond market with a $300 million sale of 5.875% 10-year notes sold at Treasuries plus 275 bps over Treasuries on June 17, 2010.
The industrial distributor is based in Phoenix.
| Issuer: | Avnet, Inc.
|
| Issue: | Notes
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | Dec. 1, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, RBS Securities Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC
|
| Coupon: | 4.875%
|
| Price: | 99.788
|
| Yield: | 4.902%
|
| Spread: | Treasuries plus 325 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Nov. 20
|
| Settlement date: | Nov. 27
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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