Avnet intends to offer $500.0 million aggregate principal amount of Convertible Senior Notes due 2030 in a private offering.
The Notes will be Avnet's senior unsecured obligations and will mature on September 1, 2030.
Proceeds from the offering will be used to repurchase shares of common stock and repay outstanding amounts under the revolving credit facility.
Convertible Senior Notes Offering
Avnet plans to offer $500.0 million Convertible Senior Notes due 2030 in a private offering.
Use of Proceeds
Proceeds will be used for share repurchases and repayment of outstanding credit facility amounts.
Offering Restrictions
The Notes will be offered only to qualified institutional buyers under Rule 144A, not registered under the Securities Act.
- The announcement of the convertible senior notes offering shows Avnet's strategic approach to raising capital for various purposes.
- The share repurchase program indicates Avnet's confidence in its financial position and willingness to return value to shareholders.
Avnet's proposed offering of Convertible Senior Notes demonstrates its focus on capital structure optimization and financial flexibility for future growth.