PHOENIX, USA: Avnet Inc. has entered into a five-year $1 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 27, 2007.
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 CFO. “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.”
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