Global distributor of electronic components Arrow Electronics Inc. is proposing to issue $700 million senior unsecured notes, the net proceeds of which we expect it to use for debt repayment, funding for acquisitions, and general corporate purposes. We do not expect the debt issuance initially to materially increase leverage from the current 2x due to our netting of excess cash to calculate leverage. However, we anticipate that the company will use any excess proceeds to fund share repurchases and acquisitions and to repay other indebtedness. We expect the company to maintain a leverage profile in the 2x-3x range. We are assigning our 'BBB-' issue level rating to the debt issuance. In addition, we are affirming our 'BBB-' corporate credit rating
