AVNET INC — Form 10-K
Filed August 14, 2026 · analyzed by the Periodic Agent
10-K
— Neutral
significance 22/100
What the filing says
Avnet, Inc. executed a Credit Agreement dated August 12, 2026, establishing a term loan facility with Bank of America (administrative agent), Commerzbank, and DBS Bank as syndication agents. The agreement provides a $3,000,000,000 term loan due July 1, 2028, with pricing tied to debt ratings (1.0%–1.75% spread over Term SOFR for investment-grade to sub-investment-grade ratings). Key covenants include a Consolidated Leverage Ratio covenant (with a relief period terminating when ratio ≤3.75x), restrictions on liens, indebtedness, restricted payments, and material acquisitions. Standard payment, tax, and default provisions apply; Default Rate is 2% above the applicable rate.
Why this rating
Routine refinancing at $3B for $4.5B company (67% of market cap); standard credit terms, no unusual covenants. Non-event for business trajectory.
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