Avnet Inc. Enters New Credit Agreement
Ticker: AVT · Form: 8-K · Filed: Dec 12, 2024 · CIK: 8858
Sentiment: neutral
Topics: credit-agreement, debt, financing
Related Tickers: AVT
TL;DR
AVT inked a new credit deal, expect debt changes.
AI Summary
On December 6, 2024, Avnet, Inc. entered into a material definitive agreement, specifically a credit agreement. This agreement creates a direct financial obligation for the registrant, indicating a new debt arrangement or modification of existing ones. The filing also includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates Avnet Inc. has entered into a new credit agreement, which could impact its financial leverage and operational flexibility.
Risk Assessment
Risk Level: medium — Entering into new credit agreements can introduce financial obligations and alter a company's debt structure, potentially increasing financial risk.
Key Players & Entities
- AVNET INC (company) — Registrant
- December 6, 2024 (date) — Date of Report
- 2211 South 47th Street (address) — Principal Executive Offices
- Phoenix, Arizona (location) — Principal Executive Offices City and State
- 85034 (zip_code) — Principal Executive Offices Zip Code
- 480-643-2000 (phone_number) — Registrant's telephone number
FAQ
What type of material definitive agreement did Avnet, Inc. enter into?
Avnet, Inc. entered into a credit agreement.
On what date was this agreement reported?
The earliest event reported was on December 6, 2024.
What is the principal executive office address for Avnet, Inc.?
The address is 2211 South 47th Street, Phoenix, Arizona 85034.
What is the telephone number for Avnet, Inc.?
The telephone number is (480) 643-2000.
What is the SIC code for Avnet, Inc.?
The Standard Industrial Classification code is 5065, for Wholesale-Electronic Parts & Equipment, NEC.
Filing Stats: 769 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-12-11 19:44:36
Key Financial Figures
- $1.00 — h registered: Common stock, par value $1.00 per share AVT NASDAQ Global Select
- $700,000,000 — the Receivables Purchase Agreement from $700,000,000 to $500,000,000, (ii) the extension of
- $500,000,000 — Purchase Agreement from $700,000,000 to $500,000,000, (ii) the extension of the termination
Filing Documents
- avt-20241206x8k.htm (8-K) — 45KB
- avt-20241206xex10d1.htm (EX-10.1) — 1128KB
- 0000008858-24-000046.txt ( ) — 1448KB
- avt-20241206.xsd (EX-101.SCH) — 3KB
- avt-20241206_lab.xml (EX-101.LAB) — 15KB
- avt-20241206_pre.xml (EX-101.PRE) — 10KB
- avt-20241206x8k_htm.xml (XML) — 5KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On December 6, 2024, Avnet, Inc. (the "Company") and Avnet Receivables Corporation, a wholly owned subsidiary of the Company, entered into Amendment No. 8 (the "RPA Amendment") to the Fourth Amended and Restated Receivables Purchase Agreement, dated August 16, 2018, as amended, with Wells Fargo Bank, N.A., as agent, and the financial institutions and companies party thereto (the "Receivables Purchase Agreement"). The RPA Amendment provides for, among other things, (i) a decrease in the maximum purchase limit under the Receivables Purchase Agreement from $700,000,000 to $500,000,000, (ii) the extension of the termination date of the facility to December 6, 2026, and (iii) the exclusion of certain receivables from the Receivables Purchase Agreement. Other terms of the Receivables Purchase Agreement remain substantially the same as under the previously effective Receivables Purchase Agreement. The RPA Amendment summary above is not complete, and is qualified by the terms contained in the RPA Amendment, which is filed as Exhibit 10.1 hereto and incorporated into this Item 1.01 by reference. Furthermore, the RPA Amendment is not a source of factual, business, or operational information about the Company or its subsidiaries. The representations, warranties, and covenants in the RPA Amendment were made only for purposes of the RPA Amendment as of specific dates, are solely for the benefit of the parties to the RPA Amendment, and may be subject to specific limitations, qualifications, and standards of materiality. Accordingly, investors should not rely on the representations, warranties, and covenants in the RPA Amendment. Some or all of the parties to the RPA Amendment, or their affiliates, have in the past provided investment or commercial banking services to the Company and its affiliates for which they received customary fees and expenses and they may provide similar services in the future. Item 2.03 Creation of
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following materials are attached as exhibits to this Current Report on Form 8-K: Exhibit Number Description 10.1 Amendment No. 8 to the Fourth Amended and Restated Receivables Purchase Agreement, dated December 6, 2024, among Avnet, Inc., Avnet Receivables Corporation, Wells Fargo Bank, N.A., as agent, and the companies and financial institutions party thereto. 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 12, 2024 AVNET, INC. By: /s/ Kenneth A. Jacobson Name: Kenneth A. Jacobson Title: Chief Financial Officer