Avnet talks split-rated $250 million 10-year notes at Treasuries plus 187.5 bps area

By Paul A. Harris

St. Louis, Aug. 15 - Avnet Inc. talked its $250 million offering of split-rated 10-year senior notes at Treasuries plus 187.5 basis points on Monday, according to an informed source.

The offering is expected to price on Tuesday.

Banc of America Securities LLC and Credit Suisse First Boston are joint bookrunners. JP Morgan is joint lead manager. Scotia Capital, ABN Amro and BNP Paribas are co-managers.

Moody's Investors Service assigned the notes its Ba2 rating. Standard & Poor's rates the notes BBB-. Fitch rates them BB.

Proceeds will be used to partially fund the tender for the company's 8% notes due Nov. 15, 2006.

Avnet is a Phoenix-based distributor of electronic components, enterprise computer products and embedded subsystems.

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