Avnet to repay bank borrowings, Premier Farnell notes with new deal

New York, Nov. 29 – Avnet, Inc. plans to repay borrowings under its credit facilities and notes issued by Premier Farnell using proceeds from an offering of new notes.

The notes to be repaid are Premier Farnell’s 5.24% guaranteed senior notes due July 2, 2017, 4.36% guaranteed senior notes, series A, due Nov. 15, 2018, 4.83% guaranteed senior notes, series B, due Nov. 15, 2021 and 4.01% guaranteed senior notes, series A, due Sept. 17, 2024.

In total, $215 million of the notes is outstanding.

Avnet closed on its acquisition of Premier Farnell on Oct. 17.

Proceeds from the offering of new notes will also be used to repay borrowings on the company’s revolving and term loan credit facilities, which were used to finance the acquisition of Premier Farnell and to repay borrowings under the company’s accounts receivable securitization program.

As of Oct. 29 Avnet had $855.2 million of borrowings on its revolver, $522.3 million outstanding on its term loan and $760 million borrowed under the securitization program.

Avnet is a Phoenix-based distributor of electronic components, enterprise computer, networking and storage products and software, IT solutions and services and embedded subsystems.

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