Avnet accepts $250 million 8% notes due 2006 in tender offer

By Jennifer Chiou

New York, Sept. 14 - Avnet Inc. announced it accepted $250 million of its 8% notes due Nov. 15, 2006 in its cash tender offer for up to $250 million of its $400 million of notes.

The company will pay $1,045 per $1,000 principal amount plus accrued interest up to but not including the payment date.

The Phoenix-based electronic components distributor started the offer on Aug. 15 and it ended at 5 p.m. ET on Sept. 13.

Avnet said it intends to use the proceeds from its recently completed issuance of $250 million of 6% notes due Sept. 1, 2015 with cash on hand to fund its offer.

Avnet had said if more than $250 million of the notes are validly tendered, it would 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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