Avnet 2013 Annual Report Download - page 56
Download and view the complete annual report
Please find page 56 of the 2013 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
 |
 |
Table of Contents AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
See Note 3 for the discussion of the accounts receivable securitization program and associated borrowings outstanding.
Long-term debt consists of the following:
In November 2012, the Company issued $350,000,000 of 4.875% Notes due December 1, 2022
. The Company received proceeds of
$349,258,000 from the offering, net of discount, and paid $2,275,000 in underwriting fees. The 4.875%
Notes due 2022 rank equally in right of
payment with all existing and future senior unsecured debt and interest will be payable in cash semi-annually on June 1 and December 1.
The Company has a five-year $1.0 billion
senior unsecured revolving credit facility (the "2012 Credit Facility") with a syndicate of banks,
which expires in November 2016
. Under the 2012 Credit Facility, the Company may select from various interest rate options, currencies and
maturities. The 2012 Credit Facility contains certain covenants, all of which the Company was in compliance with as of June 29, 2013
. At
June 29, 2013 , there were borrowings of $6,700,000 under the 2012 Credit Facility included in “Other long-term debt”
in the preceding table. In
addition, there were letters of credit aggregating $2,309,000
issued under the 2012 Credit Facility, which represents a utilization of the 2012
Credit Facility capacity but are not recorded in the consolidated balance sheet as the letters of credit are not debt. At June 30, 2012
, there were
borrowings of $110,072,000 outstanding under the 2012 Credit Facility included in “Other long-term debt”
in the preceding table and there were
letters of credit aggregating $17,202,000 issued.
Aggregate debt maturities for fiscal 2014 through 2018 and thereafter are as follows (in thousands):
At June 29, 2013 , the carrying value and fair value of the Company’s debt was $2,045,183,000 and $2,130,294,000
, respectively. Fair
value was estimated primarily based upon quoted market prices for the Company's long-term notes.
53
June 29, 2013
June 30, 2012
(Thousands)
5.875% Notes due March 15, 2014
$
—
$
300,000
6.00% Notes due September 1, 2015
250,000
250,000
6.625% Notes due September 15, 2016
300,000
300,000
5.875% Notes due June 15, 2020
300,000
300,000
4.875% Notes due December 1, 2022
350,000
—
Other long-term debt
9,579
124,456
Subtotal
1,209,579
1,274,456
Discount on notes
(2,586
)
(2,471
)
Long-term debt net of current portion
$
1,206,993
$
1,271,985
2014
$
838,240
2015
1,193
2016
257,552
2017
300,434
2018
—
Thereafter
650,400
Subtotal
2,047,819
Discount on notes
(2,636
)
Total debt
$
2,045,183