Anixter spends $70.8 million to retire some 10% notes, 0% convertibles in fourth quarter

By Susanna Moon

Chicago, Feb. 2 - Anixter International Inc. repurchased $23.5 million of its 10% senior notes and its 3.25% zero-coupon convertible notes with an accreted value of $45.5 million in the fiscal fourth quarter ended Jan. 1.

During the most recent quarter, Anixter spent $70.8 million of cash to retire debt, bringing debt reduction to about $300 million for the year to date, according to a press release.

"Not only have we reduced the leverage levels through the debt buyback, but we have also reduced the potential dilution associated with the 3.25% convertible notes through the cumulative retirement of 35% of that outstanding issue," Dennis Letham, executive vice president, finance, said in the release.

The company may repurchase more debt from time to time, Letham said. "In addition, this reduced leverage on our balance sheet better positions the company to quickly capitalize on the eventual economic rebound."

Anixter is a Glenview, Ill., distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.