...April 1, 2024 NEW YORK (S&P Global Ratings) April 1, 2024--S&P Global Ratings today assigned its '###-' issue-level rating to the $500 million new senior unsecured notes proposed by global distributor of semiconductor, software, storage, and server products and services Arrow Electronics Inc. The company intends to use the net proceeds to repay its notes due in 2026. The rating matches those of the company's existing senior unsecured notes. All our existing ratings including our '###-' issuer credit rating and stable outlook, are unchanged. Given fourth-quarter 2023 results and the guidance for the following quarter, there are signs of a somewhat deeper cyclical inventory correction than we initially expected. We therefore now expect Arrow's revenues to decline by about 10% in 2024, compared to our previous expectation of mid-single digit percent decline. In addition to S&P Global Ratings-adjusted EBITDA margins slightly decreasing to about 5%, we now expect leverage will temporarily increase...
