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.

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