Tech Data Corp. (TECD) announced the pricing of its public offering of $350 million aggregate principal amount of 3.750% Senior Notes due 2017. The offering is expected to close on or about September 21, 2012.
The company said it expects to receive net proceeds from this offering of about $346 million, after deducting underwriting discounts and estimated offering expenses.
Tech Data stated that it intends to use the net proceeds to fund the previously announced agreement to acquire the shares of several distribution companies belonging to Specialist Distribution Group, the distribution arm of Specialist Computer Holdings PLC, a privately-held IT services company headquartered in the United Kingdom.
Tech Data intends to use any remaining net proceeds for general corporate purposes.
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