Arrow Electronics enters $300M receivables purchase agreement with HSBC

ARROW ELECTRONICS, INC.

Arrow Electronics China and Arrow/Components Agent sold up to $300M trade receivables to HSBC under limited recourse framework.
Initial term of one year, closing occurred on December 28, 2023.
Repurchase obligations limited to certain events; no recourse for non-payment by eligible buyers absent default.
HSBC may terminate with 21 days' notice; Bank can reduce credit limits on 21 days' notice or immediately if buyer risk.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ARROW ELECTRONICS, INC. entered into Limited Recourse Receivables Discounting Framework Agreement with The Hongkong and Shanghai Banking Corporation Limited valued at up to USD 300 million (effective 2023-12-27).

Action: entry
Counterparty: The Hongkong and Shanghai Banking Corporation Limited
Value: up to USD 300 million
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023, Arrow Electronics China Limited, as an original seller and sellers’ agent (“ Arrow Electronics ”), and Arrow/Components Agent Limited, as an original seller (“ Arrow Components ” and Arrow Electronics, each an “ Original Seller ” and collectively, the “ Original Sellers ”) entered into a Limited Recourse Receivables Discounting Framework Agreement (the “ Receivables Purchase Agreement ”) with The Hongkong and Shanghai Banking Corporation Limited (the “ Bank ”) to sell up to USD 300 million (or such higher amount as may be agreed from time to time) of trade receivables originated by the Original Sellers (the “ Transaction ”).

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Source: SEC EDGAR

accession 0001558370-24-000014

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