By Paul A. Harris
St. Louis, Feb. 24 - Anixter International Inc. priced $200 million of 10-year senior notes (Ba1/BB+/BBB-) at 99.784 with a 5.95% coupon to yield 5.979% in a quick-to-market transaction, according to syndicate sources.
Price talk was the Treasuries plus 175 basis points area.
Banc of America Securities LLC, Wachovia Securities and Merrill Lynch & Co. ran the books for the Rule 144A issue. The co-managers were JP Morgan, Scotia Capital and Wells Fargo Securities.
Proceeds will be used to redeem all the company's outstanding convertible notes due 2020, to pay down its revolver and for general corporate purposes.
The issuer is a Chicago-area distributor of communication products and electrical wire, cable and fasteners.
| Issuer: | Anixter International Inc.
|
| Amount: | $200 million
|
| Maturity: | March 1, 2015
|
| Security description: | Senior notes
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| Bookrunners: | Banc of America Securities LLC, Wachovia Securities, Merrill Lynch & Co.
|
| Co-managers: | JP Morgan, Scotia Capital, Wells Fargo Securities
|
| Coupon: | 5.95%
|
| Price: | 99.784
|
| Yield: | 5.979%
|
| Spread: | 170 basis points
|
| Call protection: | Make-whole call at Treasuries plus 25 basis points
|
| Trade date: | Feb. 24
|
| Settlement date: | March 1
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Price talk: | Treasuries plus 175 basis points area
|
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