Avnet gets expanded $1.25 billion five-year loan via Bank of America

By Susanna Moon

Chicago, July 9 – Avnet, Inc. said it closed a new credit facility due July 2019, which expands its borrowing capacity to $1.25 billion.

The new credit facility has an accordion that allows Avnet to lift its borrowing capacity to up to $1.5 billion, according to a company press release.

The facility replaces the $1 billion agreement set to mature in November 2016.

Bank of America, NA will continue to be the administrative agent, swingline lender and letter-of-credit issuer. Royal Bank of Scotland plc, BNP Paribas, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Ltd. and JPMorgan Chase Bank, NA are the co-syndication agents.

“This facility increases our liquidity at attractive terms and conditions and, together with our strong balance sheet, provides the financial flexibility to pursue our strategic growth objectives,” Kevin Moriarty, Avnet’s chief financial officer, said in the press release.

The industrial distributor is based in Phoenix.

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