Arrow Electronics has new $1.2B credit line
Arrow Electronics at 50 Marcus Dr. in Melville. (June 3, 2004) Credit: Newsday, 2004 / Michael E. Ach
Building up its available funding sources to pursue further growth, Arrow Electronics Inc., of Melville, said it has arranged a new five-year $1.2 billion line of credit.
It replaces a previous $800 million credit line and a $200 million term loan that were scheduled to expire in January 2012, Arrow said Monday. The new $1.2 billion line expires in 2016.
The lead banks in the new credit arrangement are JP Morgan Chase Bank as administrative agent and BNP Paribas, Bank of America, The Bank of Nova Scotia and The Bank of Tokyo-Mitsubishi as syndication agents, Arrow said.
"Our balance sheet is exceptionally strong, and the renewal reflects this strength as well as the solid relationship we have with our banking partners," Paul J. Reilly, chief financial officer, said in a news release. "Our capacity to generate good levels of cash flow, our strong balance sheet, and the renewed credit facility all provide substantial financial flexibility to fund our growth."
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