Exhibit 99.1
ARROW ELECTRONICS, INC. | ||
50 MARCUS DRIVE | ||
MELVILLE, NEW YORK 11747 | ||
631-847-2000 |
ARROW ELECTRONICS PRICES $500 MILLION NOTES OFFERING
FOR IMMEDIATE RELEASE
MELVILLE, N.Y. — October 29, 2010 — Arrow Electronics, Inc. (NYSE:ARW) announced today the pricing of two series of its senior unsecured notes in an aggregate principal amount of $500 million. Of these, $250 million will mature on November 1, 2015 and will bear interest at an annual rate of 3.375% percent (the “2015 Notes”), and $250 million will mature on March 1, 2021 and will bear interest at an annual rate of 5.125% percent (the “2021 Notes” together with the 2015 Notes, the “Notes”). The offering is expected to close on November 3, 2010. Net proceeds from this offering will be used for general corporate purposes, which may include acquisitions and the repayment of debt.
The Notes are being offered under an automatic shelf registration statement previously filed with the Securities and Exchange Commission, and which became effective upon filing. The offering is being led by BofA Merrill Lynch, J.P. Morgan, and Morgan Stanley.
This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes. In addition, there shall be no sale of these securities in any jurisdiction in which the offer, solicitation, or sale would be unlawful.
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. Headquartered in Melville, N.Y., Arrow serves as a supply channel partner for over 900 suppliers and 125,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 310 locations in 51 countries and territories.
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Contact: | Michael Taunton | |
Vice President & Treasurer | ||
631-847-5680 | ||
Paul J. Reilly | ||
Executive Vice President, Finance and Operations & Chief Financial Officer | ||
631-847-1872 | ||
Media Contact: | John Hourigan | |
Director, Corporate Communications | ||
303-824-4586 |
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, including statements addressing future financial results. These statements are subject to 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 global financial system and the company’s planned 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, 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. 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.