|[July 09, 2014]
Avnet, Inc. Credit Facility Capacity Increased to $1.25 Billion
PHOENIX --(Business Wire)--
Avnet, Inc. (NYSE:
AVT) announced today that the Company has entered into a new credit
facility, which matures in July 2019 and increases its borrowing
capacity to $1.25 billion. The Company's previous credit facility would
have matured in November 2016 and totaled $1.0 billion. The new credit
facility has an accordion feature allowing Avnet to potentially increase
its borrowing capacity to up to $1.5 billion.
Bank of America, N.A. will continue to act as administrative agent,
swing line lender and letter of credit issuer. The Royal Bank of
Scotland plc, BNP Paribas, The Bank of Nova Scotia nd The Bank of
Tokyo-Mitsubishi (News - Alert) UFJ, Ltd., and JPMorgan Chase Bank, N.A. will act as
"The increase of the credit facility to $1.25 billion reflects the
strength of our company and our ability to generate strong cash flow.
This facility 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 Kevin
Moriarty, 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 financial condition."
Avnet, Inc. (NYSE: AVT), a Fortune 500 company, is one of the largest
distributors of electronic components, computer products and embedded
technology serving customers globally. Avnet accelerates its partners'
success by connecting the world's leading technology suppliers with a
broad base of customers by providing cost-effective, value-added
services and solutions. For the fiscal year ended June 29, 2013, Avnet
generated revenue of $25.5 billion. For more information, visit www.avnet.com
or contact us at firstname.lastname@example.org.
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