Anixter buys back $99.5 million convertibles, $10.6 million notes

New York, Nov. 7 - Anixter International Inc. said it has bought back a total of $99.5 million of its zero-coupon convertible notes due 2020 and $10.6 million of its 8% senior notes so far this year.

The Skokie, Ill. distributor of communications components said it may buy back more of its debt securities, depending on market conditions.

During the 39 weeks to Sept. 27, Anixter bought back $90.7 million of its convertibles and $10.6 million of its senior notes, the company said in a filing with the Securities and Exchange Commission. Of these totals, $50.3 million of the convertibles were bought back in the third quarter at a cost of $47.7 million and $3.6 million of its notes at a cost of $3.7 million. After writing off $1.3 million of debt issuance costs the company recorded a gain of $1.2 million or $0.8 million net of tax.

For the first three quarters, the repurchases resulted in the company recording an extraordinary loss of one cent per share.

Since Sept. 27, Anixter has bought back a further $8.8 million of its convertibles for $8.5 million.

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