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Avnet gets $1.25 billion five-year revolver at 100-152.5 bps spread
By Susanna Moon
Chicago, July 2 – Avnet, Inc. obtained an amended and extended credit agreement for a $1.25 billion five-year senior unsecured revolving credit facility.
Interest on loans is Libor plus 100 basis points to 152.5 bps based on the company’s debt ratings. The facility fee ranges from 12.5 bps to 35 bps.
The company entered into agreement on June 28 with Bank of America Merrill Lynch, BNP Paribas Securities Corp., Bank of Nova Scotia, MUFG Bank, Ltd., Mizuho Bank, Ltd. and JPMorgan Chase Bank, NA as joint lead arrangers and joint bookrunners, according to an 8-K filing with the Securities and Exchange Commission.
Bank of America, NA as the administrative agent, swingline lender and a letter-of-credit issuer; BNP Paribas, Bank of Nova Scotia, MUFG Bank, Mizuho Bank and JPMorgan Chase Bank as co-syndication agents.
The agreement also contains an option to increase commitments by up to $250 million if no event of default exists.
The facility is set to mature on June 28, 2023.
Under the amended terms, loans may be made in dollars, euros and British pound sterling up to the aggregate principal amount of the facility but is subject to a $200 million sublimit for aggregated issuances of dollar-denominated standby and commercial letters of credit and a $300 million sublimit for aggregated loans in other approved currencies, including Australian dollars, Hong Kong dollars, Singapore dollars and Japanese yen.
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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