Avnet announced that it has entered into a new credit facility, which matures in July 2019 and increases its borrowing capacity to $1.25 billion. The company’s previous credit facility would have matured in November 2016 and totaled $1 billion. The new credit facility has an accordion feature allowing Avnet to potentially increase its borrowing capacity to up to $1.5 billion.
Bank of America will continue to act as administrative agent, swing line lender and letter of credit issuer. The Royal Bank of Scotland, BNP Paribas, The Bank of Nova Scotia and The Bank of Tokyo-Mitsubishi UFJ, and JPMorgan Chase Bank will act as co-syndication agents.
Avnet is a distributor of electronic components, computer products and embedded technology.