Arrow Electronics, Inc. (the "Company”) (NYSE:ARW), announced today the
expiration and final results of the previously announced fixed price
cash tender offer (the "Tender Offer”) to purchase any and all of its
outstanding $200 million in aggregate principal amount of 9.15% Senior
Notes due 2010 (the "Notes”).
The Tender Offer expired at 11:59 P.M., New York City time, on September
29, 2009.
The Company has accepted for purchase all of the Notes validly tendered
in the Tender Offer. The aggregate principal amount of the Notes validly
tendered pursuant to the Tender Offer was $130,455,000, representing
approximately 65.2% of outstanding Notes. The total consideration
payable per $1,000 principal amount of the Notes is $1,077.50 plus
accrued and unpaid interest to, but not including the date of
settlement, as described in the Company’s Offer to Purchase, dated
September 23, 2009 (the "Offer to Purchase").
The Company funded the purchase of all Notes validly tendered with the
net proceeds of a public offering of debt securities that closed on
September 30, 2009.
The Company has paid to The Depository Trust Company ("DTC") the total
consideration payable to validly tendering holders, and Global
Bondholder Services Corporation, the depositary for the Tender Offer,
has irrevocably instructed DTC to promptly pay to such validly tendering
holders the total tender offer consideration, including accrued and
unpaid interest on the accepted Notes from the last applicable interest
payment date to, but not including September 30, 2009, the actual date
of settlement.
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 approximately 800 suppliers and 130,000 original
equipment manufacturers, contract manufacturers and commercial customers
through a global network of more than 340 locations in 53 countries and
territories.
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.
