Arrow Electronics has increased to $775 million its existing asset securitization program.
The revised program is a three-year agreement effective Dec. 7. The banks in managing the deal are Bank of America, Wells Fargo, the Bank of Tokyo-Mitsubishi, the Bank of Nova Scotia, HSBC, and Mizuho.
The deal is backed by the firm's North American accounts receivables and is conducted through Arrow Electronics Funding Corp., a wholly owned, bankruptcy remote subsidiary.
The deal isn't structured as a true-sale and will therefore remain on the company's consolidated balance sheet.
