Avnet announces $500M Convertible Senior Notes offering

Avnet (AVT) announced that it intends to offer in a private offering, subject to market and other conditions, $500M aggregate principal amount of Convertible Senior Notes due 2030. The Notes will be Avnet’s senior unsecured obligations. The Notes will mature on September 1, 2030, unless earlier converted, redeemed or repurchased. Avnet intends to use the net proceeds from the offering to repurchase shares of its common stock in an amount up to approximately $100M.