By Paul A. Harris
St. Louis, Aug. 16 - Avnet Inc. priced a split-rated $250 million issue of 6% 10-year senior notes (Ba2/BBB-/BB) at 99.343 on Tuesday to yield 6.088%, according to a syndicate source.
The bond priced at a 187.5 basis points spread to Treasuries, right on top of the price talk.
Banc of America Securities and Credit Suisse First Boston were joint bookrunners for the registered offering. JP Morgan was the joint lead manager. Scotia Capital, ABN Amro and BNP Paribas were co-managers.
Proceeds will be used to partially fund the tender for the company's 8% notes due Nov. 15, 2006.
Avnet is a Phoenix-based distributor of electronic components, enterprise computer products and embedded subsystems.
Issuer: | Avnet Inc.
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Amount: | $250 million
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Maturity: | Sept. 1, 2015
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Security description: | Senior notes
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Bookrunners: | Banc of America Securities, Credit Suisse First Boston
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Joint lead manager: | JP Morgan
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Co-manager: | Scotia Capital, ABN Amro, BNP Paribas
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Coupon: | 6%
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Price: | 99.343
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Yield: | 6.088%
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Spread: | 187.5 basis points
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Call protection: | Make-whole call at Treasuries plus 30 basis points
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Trade date: | Aug. 16
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Settlement date: | Aug. 19
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BBB-
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| Fitch: BB |
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Price talk: | 187.5 basis points area
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