Arrow Electronics Upsizes Asset Securitization Program
March 25 2014 - 8:00AM
Business Wire
-- Maturity Extended to 2017 –-
Arrow Electronics, Inc. (NYSE:ARW) announced that the company
has amended its asset securitization program, extending maturity to
March 2017 and increasing capacity to $900 million. The program
previously matured in December 2014 and totaled $775 million. The
program is led by Bank of America, as administrative agent.
"We are pleased to have extended and expanded our
securitization," said Paul J. Reilly, executive vice president,
finance and operations, and chief financial officer. "Our strong
balance sheet, excellent cash flows, and enhanced liquidity
facilities, such as the asset securitization program, give us the
financial flexibility to continue to drive strategic growth."
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 58
countries.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. This press release
includes forward-looking statements that are subject to numerous
assumptions and a number of risks and uncertainties that 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,
change in legal and regulatory matters, the company’s ability to
generate additional cash flow and the other risks described from
time to time in the company’s reports to the Securities and
Exchange Commission (including the company’s Annual Report on Form
10-K and Quarterly Reports on Form 10-Q). 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.
Arrow ElectronicsGreg Hanson, 303-824-4537Vice President
and TreasurerorPaul J. Reilly, 631-847-1872Executive Vice
President, Finance and Operations, &Chief Financial
OfficerorMedia Contact:John Hourigan, 303-824-4586Vice
President, Corporate Communications
Arrow Electronics (NYSE:ARW)
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