Simpson Thacher represented the underwriters, led by BofA Securities, J.P. Morgan and MUFG, in connection with a registered offering by Avnet, Inc. (“Avnet”) of $550 million aggregate principal amount of 5.650% Senior Notes due 2031.
Avnet expects to use the net proceeds from the offering to repay amounts owed under Avnet’s senior unsecured revolving credit facility and Avnet’s accounts receivable securitization program.
Avnet is a leading global electronic component technology distributor and solutions provider that has served customers’ evolving needs for more than a century. Founded in 1921, Avnet works with suppliers in every major technology segment to serve customers in more than 140 countries.
The Simpson Thacher team for the transaction included Roxane Reardon, Matt Hart, Deane Ciampa and Susie Qu (Capital Markets); Edward Grais (Tax); J. Pasco Struhs (Employee Compensation and Benefits); George Gerstein (ERISA); Alysha Sekhon (Intellectual Property); and Andrew Pagliughi (FINRA/Blue Sky).