Anixter spends $15.5 million on buying back convertibles

New York, March 14 - Anixter Inc. spent $15.5 million to repurchase 54,100 of its 0% convertible notes due June 2020 through March 13, the company said in a filing with the Securities and Exchange Commission.

By the same day, it had paid $1.1 million to buy back $1.0 million of its 8% senior notes due September 2003.

For both sets of repurchases, Anixter will record an extraordinary loss on the early extinguishment of debt of $600,000, or $400,000 net of tax.

Anixter also said in the SEC filing that it expects to have positive cash flow from operating activities and after capital expenditures during 2002 and will continue to look for opportunities to repurchase its outstanding debt. Volume and timing will depend on market conditions, the Skokie, Ill. distributor of data communications products and electrical wire and cable said.

Anixter issued $792 million face amount of its zero-coupon convertibles in June 2000 for net proceeds of $193.4 million.

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