Arrow Electronics Announces Redemption of Notes
February 24 2015 - 9:19AM
Business Wire
Arrow Electronics, Inc. (NYSE:ARW) announced today that the
company will redeem for cash all of its outstanding 3.375 percent
Notes due 2015 (the “Notes”) on March 26, 2015 at a redemption
price equal to the sum of (i) 100 percent of the principal amount
outstanding, (ii) a make-whole premium calculated three business
days prior to the redemption date in accordance with the Indenture
(as defined below), and (iii) accrued and unpaid interest on the
principal amount being redeemed.
The Notes were issued pursuant to an Indenture dated January 15,
1997, as supplemented (the “Indenture”), among the company and The
Bank of New York Mellon (as successor to the Bank of Montreal Trust
Company), as trustee.
As of February 23, 2015, $250 million aggregate principal amount
of Notes remain outstanding. On and after the date of redemption,
the Notes will no longer be deemed outstanding, interest will cease
to accrue thereon and all rights of the holder of the Notes will
cease to exist, except for the right to receive the redemption
price, including unpaid interest to the redemption date.
The notice of redemption containing information required by the
terms of the Indenture was sent to registered holders of the Notes
today. Notes are to be surrendered to The Bank of New York Mellon
Trust Company, N.A. as trustee and paying agent, in exchange for
payment of the redemption price on March 26, 2015, in accordance
with the instructions specified in the notice of redemption.
This is not an offer to sell or a solicitation of an offer to
buy any securities.
Arrow Electronics (www.arrow.com) is a global provider of
products, services and solutions to industrial and commercial users
of electronic components and enterprise computing solutions. Arrow
serves as a supply channel partner for more than 100,000 original
equipment manufacturers, contract manufacturers and commercial
customers through a global network of more than 460 locations in 56
countries.
Information Relating to Forward-Looking
Statements
This press release includes forward-looking statements that are
subject to numerous assumptions, risks, and uncertainties, which
could cause actual results or facts to differ materially from such
statements for a variety of reasons, including, but not limited to:
industry conditions, the company’s implementation of its new
enterprise resource planning system, changes in product supply,
pricing and customer demand, competition, other vagaries in the
global components and global ECS markets, changes in relationships
with key suppliers, increased profit margin pressure, the effects
of additional actions taken to become more efficient or lower
costs, risks related to the integration of acquired businesses,
changes in legal and regulatory matters, and the company’s ability
to generate additional cash flow. Forward-looking statements are
those statements which are not statements of historical fact. These
forward-looking statements can be identified by forward-looking
words such as “expects,” “anticipates,” “intends,” “plans,” “may,”
“will,” “believes,” “seeks,” “estimates,” and similar expressions.
Shareholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. The company undertakes no
obligation to update publicly or revise any of the forward-looking
statements.
For a further discussion of factors to consider in connection
with these forward-looking statements, investors should refer to
Item 1A Risk Factors of the company’s Annual Report on Form 10-K
for the year ended December 31, 2014.
Arrow ElectronicsSteven O’Brien, 303-824-4544Director,
Investor RelationsorPaul J. Reilly, 631-847-1872Executive Vice
President, Finance and Operations, andChief Financial OfficerorJohn
Hourigan, 303-824-4586Vice President, Global Communications
Arrow Electronics (NYSE:ARW)
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