The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Arrow Electronics Announces Redemption of Notes

Wednesday, February 13, 2013

Arrow Electronics Announces Redemption of Notes16:00 EST Wednesday, February 13, 2013 ENGLEWOOD, Colo. (Business Wire) -- Arrow Electronics, Inc. (NYSE:ARW) announced today that the company will redeem for cash all of its outstanding 6.875% Notes due 2013 (the “Notes”) on March 15, 2013 at a redemption price equal to the sum of 100% of the principal amount outstanding, a make-whole premium which will be calculated three business days prior to the redemption date in accordance with the Indenture (as defined below), and accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date. The Notes were issued pursuant to an Indenture dated January 15, 1997, as supplemented (the “Indenture”), among the Company and The Bank of New York Mellon (as successor to the Bank of Montreal Trust Company), as trustee. As of February 12, 2013, $332,107,000 aggregate principal amount of Notes remain outstanding. On and after the date of redemption, the Notes will no longer be deemed outstanding, interest will cease to accrue thereon and all rights of the holder of the Notes will cease to exist, except for the right to receive the redemption price, without interest thereon. The notice of redemption containing information required by the terms of the Indenture was sent to registered holders of the Notes today. Notes are to be surrendered to The Bank of New York Mellon Trust Company, N.A. as trustee and paying agent, in exchange for payment of the redemption price on March 15, 2013, in accordance with the instructions specified in the notice of redemption. This is not an offer to sell or a solicitation of an offer to buy any securities. 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. Arrow serves as a supply channel partner for more than 100,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 470 locations in 55 countries. 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 that 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 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, risks related to the integration of acquired businesses, change in legal and regulatory matters, 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. Shareholders and other 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. Arrow Electronics, Inc.Greer Aviv, 303-824-3765Senior Manager, Investor RelationsorPaul J. Reilly, 631-847-1872Executive Vice President, Finance and Operations & Chief Financial OfficerorJohn Hourigan, 303-824-4586 (Media)Vice President, Global Communications