Avnet Inc. Enters Material Definitive Agreement
Ticker: AVT · Form: 8-K · Filed: Jan 22, 2025 · CIK: 8858
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation, 8-k
Related Tickers: AVT
TL;DR
AVT signed a big deal, likely involving debt or a new financial obligation.
AI Summary
On January 17, 2025, Avnet, Inc. entered into a material definitive agreement, likely related to a financial obligation. The company, headquartered in Phoenix, Arizona, filed an 8-K report with the SEC on January 22, 2025, detailing this event. The filing indicates a direct financial obligation or an off-balance sheet arrangement for the registrant.
Why It Matters
This filing signals a significant financial commitment or arrangement for Avnet, Inc., which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements, especially those involving financial obligations, can introduce financial risks and impact a company's balance sheet.
Key Numbers
- 0000008858-25-000002 — Accession Number (Unique identifier for the SEC filing)
Key Players & Entities
- Avnet, Inc. (company) — Registrant
- January 17, 2025 (date) — Date of earliest event reported
- January 22, 2025 (date) — Filing date
- Phoenix, Arizona (location) — Company headquarters
FAQ
What specific type of material definitive agreement did Avnet, Inc. enter into?
The filing indicates the entry into a material definitive agreement and creation of a direct financial obligation or an obligation under an off-balance sheet arrangement, but does not specify the exact nature of the agreement.
What is the effective date of the reported event?
The earliest event reported is dated January 17, 2025.
When was this 8-K report filed with the SEC?
This 8-K report was filed on January 22, 2025.
Where is Avnet, Inc.'s principal executive office located?
Avnet, Inc.'s principal executive offices are located at 2211 South 47th Street, Phoenix, Arizona 85034.
What is Avnet, Inc.'s Standard Industrial Classification (SIC) code?
Avnet, Inc.'s SIC code is 5065, which corresponds to Wholesale-Electronic Parts & Equipment, NEC.
Filing Stats: 1,207 words · 5 min read · ~4 pages · Grade level 11.8 · Accepted 2025-01-21 17:46:01
Key Financial Figures
- $1.00 — h registered: Common stock, par value $1.00 per share AVT NASDAQ Global Select
- $1,500,000,000 — t Agreement"), provides for a five-year $1,500,000,000 senior unsecured revolving credit facil
- $250,000,000 — ncrease commitments thereunder by up to $250,000,000 provided no event of default exists and
- $200,000,000 — al amount of the facility, subject to a $200,000,000 sublimit for aggregated issuances of Do
- $300,000,000 — dby and commercial letters of credit, a $300,000,000 sublimit for aggregated loans in other
- $125,000,000 — , Hong Kong Dollars and Japanese Yen, a $125,000,000 sublimit for aggregated swingline loans
Filing Documents
- avt-20250117x8k.htm (8-K) — 48KB
- avt-20250117xex10d1.htm (EX-10.1) — 2362KB
- 0000008858-25-000002.txt ( ) — 2829KB
- avt-20250117.xsd (EX-101.SCH) — 3KB
- avt-20250117_lab.xml (EX-101.LAB) — 15KB
- avt-20250117_pre.xml (EX-101.PRE) — 10KB
- avt-20250117x8k_htm.xml (XML) — 5KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On January 17, 2025, Avnet, Inc. ("Avnet") and Avnet Holding Europe BV ("Avnet Europe") entered into a Third Amended and Restated Credit Agreement (the "Third Amended Credit Agreement") with Bank of America, N.A. as the administrative agent, swing line lender and a letter of credit issuer; BNP Paribas, JPMorgan Chase Bank, N.A., MUFG Bank, Ltd., The Bank of Nova Scotia and Truist Bank as co-syndication agents; and various other lenders. The Third Amended Credit Agreement, which amended, restated and extended Avnet's existing Second Amended and Restated Credit Agreement, dated as of August 2, 2022, as amended ("Original Credit Agreement"), provides for a five-year $1,500,000,000 senior unsecured revolving credit facility, with an option to increase commitments thereunder by up to $250,000,000 provided no event of default exists and other conditions are met, and is scheduled to mature on January 17, 2030. Under the Third Amended Credit Agreement, loans may be made in U.S. Dollars, Euros and British Pounds Sterling up to the aggregate principal amount of the facility, subject to a $200,000,000 sublimit for aggregated issuances of Dollar denominated standby and commercial letters of credit, a $300,000,000 sublimit for aggregated loans in other approved currencies, including Australian Dollars, Hong Kong Dollars and Japanese Yen, a $125,000,000 sublimit for aggregated swingline loans in U.S. Dollars to Avnet and a $125,000,000 sublimit for aggregated swingline loans in the Euro equivalent to Avnet and Avnet Europe. The interest rate applicable to any loan made in U.S. Dollars (other than swing line loans) is, at Avnet's option, any of (i) the "base rate" (defined as the highest of (i) the Federal Funds rate plus 0.50%, (ii) the Bank of America prime rate, (iii) the term secured overnight financing rate ("SOFR") (as defined in the Third Amended Credit Agreement) plus 1.00% or (iv) 1.00%) plus an "applicable rate"
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 Third Amended and Restated Credit Agreement dated as of January 17, 2025. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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: January 22, 2025 AVNET, INC. By: /s/ Kenneth A. Jacobson Name: Kenneth A. Jacobson Title: Chief Financial Officer