Avnet, Inc. (NYSE:AVT) announced today that it has entered into a
five-year $1.0 billion senior unsecured revolving credit facility. The
facility includes a $250 million accordion feature allowing Avnet to
increase its borrowing capacity to up to $1.25 billion, subject to
certain conditions. The facility is scheduled to mature on November 18,
2016 and replaces Avnet's existing credit facility dated as of September
Bank of America, N.A. will act as administrative agent, swing line
lender and letter of credit issuer and the Royal Bank of Scotland PLC,
BNP Paribas, the Bank of Nova Scotia and the Bank of Tokyo-Mitsubishi
UFJ, LTD. will act as Syndication Agents.
"With the significant growth in Avnet's business since we signed our
previous credit facility, we determined this was an excellent time to
expand our credit availability. This five year facility significantly
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," stated Raymond Sadowski,
Avnet's chief financial officer. "There was significant demand for
participation in the facility and this strong sponsorship demonstrates
confidence by the financial community in Avnet's future and its solid
Avnet, Inc. (NYSE:AVT), a Fortune 500 Company, is one of the
largest distributors of electronic components, computer products and
embedded technology serving customers in more than 70 countries
worldwide. Avnet accelerates its partners' success by connecting the
world's leading technology suppliers with a broad base of more than
100,000 customers by providing cost-effective, value-added services and
solutions. For the fiscal year ended July 2, 2011, Avnet generated
revenue of $26.5 billion. For more information, visit www.avnet.com.
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at email@example.com.
Vincent Keenan, +1 480-643-7053
President, Investor Relations
Source: Avnet, Inc.
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