Business Context and Reporting Period
Company: Avnet, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 30, 2021
Reporting Period: Specific event date of July 30, 2021.
This filing reports the entry into a material definitive agreement regarding the Company's trade accounts receivable securitization program.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, or total debt levels. The document focuses exclusively on the amendment of a specific financing facility.
Material Changes
- Agreement: Avnet, Inc. and its wholly owned subsidiary, Avnet Receivables Corporation (ARC), entered into Amendment No. 3 to the Fourth Amended and Restated Receivables Purchase Agreement with Wells Fargo Bank, N.A., and other financial institutions.
- Expiration Extension: The term of the Securitization Program, originally due to expire on July 30, 2021, was extended to August 31, 2021.
- Terms: All other provisions of the Securitization Program remain unchanged.
Outlook, Management Commentary, and Risks
- Renewal Expectation: Management expects to renew the Securitization Program on or prior to the extended expiration date of August 31, 2021.
- Future Terms: The Company anticipates the renewal will be on substantially similar terms to the existing program.
- Related Parties: Some parties to the agreement or their affiliates have provided investment or commercial banking services to the Company in the past and may do so in the future for customary fees.
Investor Verification Checklist
- Verify the status of the Securitization Program renewal by August 31, 2021.
- Confirm that the terms of the renewed program remain substantially similar to the current agreement.
- Review the full text of Amendment No. 3 for any non-material changes not summarized in this 8-K.