Avnet issues $650M of 1.75% convertible notes due 2030; repurchases $100M in stock

AVNET INC

Issued $650M aggregate principal of 1.75% Convertible Senior Notes due 2030, including full exercise of initial purchasers' option for additional $100M.
Net proceeds ~$632.8M; used $100M to repurchase ~1.92M shares of common stock concurrently.
Remaining net proceeds to repay a portion of the Company's revolving credit facility.
Initial conversion price ~$70.27 per share, ~35% premium over last reported sale price of $52.05 on Sept 2, 2025.
Notes mature Sept 1, 2030; redemption option available on/after Sept 8, 2028 under certain conditions.

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