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Arrow Electronics to sell fixed-rate notes via three bookrunners
By William Gullotti
Buffalo, N.Y., April 1 – Arrow Electronics, Inc. intends to price a single tranche of fixed-rate notes, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will have a make-whole call option and then a par call option a number of months before the maturity date.
A change-of-control triggering event would result in an offer to purchase the notes at 101.
J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and HSBC Securities (USA) Inc. are the joint bookrunners.
U.S. Bank Trust Co., NA is the trustee.
Latham & Watkins LLP is counsel to the issuer. Counsel to the underwriters is provided by Davis Polk & Wardwell LLP.
Proceeds from the offering will be used to redeem all of the issue of the company’s $500 million of 6.125% notes due March 1, 2026. Any remaining proceeds will be used for general corporate purposes, which may include acquisitions or the repayment of debt.
Arrow Electronics is a Centennial, Colo.-based provider of products and services to industrial and commercial users of electronic components and enterprise computing solutions.
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