Avnet tenders for up to $250 million 8% notes due 2006

By Jennifer Chiou

New York, Aug. 15 - Avnet Inc. announced the start of a cash tender offer for up to $250 million of its outstanding 8% notes due Nov. 15, 2006 at $1,045 per $1,000 principal amount.

The company will also pay accrued interest up to but not including the payment date.

The Phoenix-based electronic components distributor said the offer expires at 5 p.m. ET on Sept. 13, unless extended.

There is currently $400 million of the notes outstanding.

The offer is conditioned upon, among other things, financing.

Avnet said if more than $250 million of the notes are validly tendered, it will purchase $250 million on a pro rata acceptance basis.

Banc of America Securities LLC (866 475-9886 or call collect 704 388-2605) and Credit Suisse First Boston LLC (800 820-1653 or call collect 212 325-3175) are dealer managers. The information agent and depositary is Global Bondholder Services Corp. (866-470-3700).

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