AVNET INC - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by AVNET, INC. with a report date of January 31, 2003. The filing primarily addresses a significant capital market transaction executed on that date.
Key Financial Metrics
- Debt Issuance: The company sold $475,000,000 aggregate principal amount of 9 3/4% Notes due 2008.
- Interest Rate: 9.75% (9 3/4%).
- Maturity Date: 2008.
- Revenue, Profit, Cash Flow, Margins, Liquidity: The filing text does not provide a clear value for these operational metrics as this is a transaction-specific report.
Material Changes
The material change reported is the completion of an underwritten public offering of debt securities pursuant to a Registration Statement on Form S-3 (No. 333-39530). This transaction increases the company's long-term debt obligations by $475 million.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure of the debt issuance. The transaction was facilitated by Credit Suisse First Boston LLC and Banc of America Securities LLC.
Investor Verification Checklist
- Verify the use of proceeds from the $475 million note issuance in subsequent financial statements.
- Review the full Indenture (Exhibit 4.1) for covenants and restrictions associated with the new debt.
- Confirm the impact of the 9.75% interest rate on future interest expense and earnings to fixed charges ratios (refer to Exhibit 12).
- Check for any subsequent filings regarding the repayment schedule or refinancing of the 2008 Notes.