New Issue: Avnet attracts junk buyers to six-B offering of $475 million notes yielding 9¾%

By Paul A. Harris

St. Louis, Jan. 31 - Six-B credit Avnet, Inc. priced $475 million of notes due Feb. 15, 2008 (Baa3/BBB-) at par Friday to yield 9¾%, according to a syndicate source.

Market sources advised Prospect News on Friday that high yield and crossover accounts participated extensively in the deal.

Credit Suisse First Boston and Banc of America Securities were bookrunners. The co-managers were Wachovia Securities, Inc., ABN Amro, Scotia Capital and Banc One Capital Markets.

Proceeds will be used to refinance debt.

The issuer is an electronics and microchip distributor headquartered in Phoenix.

Issuer:	Avnet, Inc.
Amount:	$475 million
Maturity:	Feb. 15, 2008
Security Description:	Notes
Bookrunners:	Credit Suisse First Boston, Banc of America Securities
Co-managers:	Wachovia Securities, ABN Amro, Scotia Capital, Banc One Capital Markets
Coupon:	9¾%
Price:	Par
Yield:	9¾%
Spread:	675 basis points over 5½% Treasury due February 2008
Call features:	Make-whole at T+50
Settlement Date:	Feb. 5, 2003 (T+3)
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
Cusip:		053807AK9

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