Arrow Electronics Prices $700 Million Notes Offering
February 23 2015 - 5:06PM
Business Wire
Arrow Electronics, Inc. (NYSE:ARW) announced today the pricing
of two series of the company’s senior unsecured notes in an
aggregate principal amount of $700 million. Of these, $350 million
will mature on April 1, 2022 and will bear interest at an annual
rate of 3.5 percent (the “2022 Notes”), and $350 million will
mature on April 1, 2025 and will bear interest at an annual rate of
4.0 percent (the “2025 Notes” and, together with the 2022 Notes,
the “Notes”). The offering is expected to close on March 2, 2015.
Net proceeds from this offering are expected to be used to repay
the company's outstanding 3.375 percent notes due November 1, 2015
at or before maturity and for other general corporate purposes,
which may include acquisitions or the repayment of other
indebtedness including amounts outstanding under the company’s
revolving credit facility or securitization program.
The Notes are being offered under an automatic shelf
registration statement previously filed with the Securities and
Exchange Commission, and which became effective upon filing. The
offering is being led by Merrill Lynch, Pierce, Fenner & Smith
Incorporated, J.P. Morgan Securities LLC, and Morgan Stanley &
Co. LLC.
This press release is neither an offer to sell nor the
solicitation of an offer to buy the Notes. In addition, there shall
be no sale of these securities in any jurisdiction in which the
offer, solicitation, or sale would be unlawful.
Arrow Electronics 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
OfficerorMedia Contact:John Hourigan, 303-824-4586Vice
President, Global Communications
Arrow Electronics (NYSE:ARW)
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