Anixter talks $200 million five-year notes in mid-90s to yield 11¼%-11½%

By Paul A. Harris

St. Louis, March 5 - Anixter International Inc. set price talk for its $200 million offering of five-year senior bullet notes (Ba2/BB+/BB+) at 11¼% to 11½% with an expected discount that would see the notes pricing in the mid-90s, according to an informed source.

The books were set to close Thursday afternoon, and pricing was expected thereafter.

However as of late Thursday no terms had emerged, and the deal was expected to price Friday, an informed source said.

Banc of America Securities LLC, J.P. Morgan Securities Inc. and Wachovia Securities LLC are joint bookrunners for the public offering. Scotia Capital (USA) Inc. is the co-manager.

Proceeds will be used to repay short-term debt and for general corporate purposes.

Anixter is a Glenview, Ill.-based distributor of communications and security products, electrical and electronic wire and cable, fasteners and other small parts.

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