Melville-Based Arrow Electronics Takes Steps to Avoid 'Junk' Debt Rating

Summary

---

Arrow Electronics, one of two Long Island technology giants listed by Standard & Poor's as being in danger of becoming a fallen angel whose debt falls to junk status, is making moves to shore up its balance sheet, the company's chief financial officer said.

What we can point to is that during the first quarter we issued more common stock to strengthen our equity base and took that money to pay down debt, said Arrow CFO Paul Reilly.

See the full content of this document

Extract

---

Melville-Based Arrow Electronics Takes Steps to Avoid 'Junk' Debt Rating

In February, Melville-based Arrow raised $313 million through the issue of 13.9 million shares of common stock. Proceeds were used to redeem the company's 8.7 percent senior notes due in October 2005 and to repurchase a p...

See the full content of this document

---