03:41 AM EDT, 09/03/2025 (MT Newswires) -- Avnet (AVT) said Wednesday it has priced its upsized private offering of $550 million in 1.75% convertible senior notes due 2030.

The company said it has granted initial purchasers a 13-day option to purchase an additional $100 million in notes.

The notes will be convertible under certain conditions, initially at a rate equivalent to $70.27 per share, about a 35% premium over Avnet's last closing price of $52.05.

Avnet said it intends to use about $100 million of the proceeds from the offering, expected to close on Friday, to repurchase roughly 1.9 million shares of its common stock and the remainder to repay a portion of its revolving credit facility.

If the additional notes are sold, proceeds will be used for general corporate purposes, including further debt repayment, it added.

The company said the notes are redeemable starting Sept. 8, 2028, under specific conditions, and holders may require Avnet to repurchase the notes on September 1, 2028.