Anixter tenders, seeks consents for $350 million 5 5/8% notes

By Susanna Moon

Chicago, Oct. 29 – Anixter International Inc.’s wholly owned operating subsidiary Anixter Inc. is holding a tender offer and consent solicitation for its $350 million of outstanding 5 5/8% senior notes due 2019.

The total purchase price will be $1,011.32 per $1,000 principal amount, which includes a consent payment of $30.00 per $1,000 of notes tendered by the consent deadline of 5 p.m. ET on Nov. 9.

The tender offer price will be $981.32 per $1,000 principal amount.

Holders also will receive accrued interest up to but excluding the settlement date, which will be Nov. 13 for early tendered notes and Nov. 28 for any remaining tenders.

The tender offer will end at 11:59 p.m. ET on Nov. 27.

In connection with the tender, the company is soliciting consents from holders of at least a majority of the outstanding notes to amend the indenture to eliminate some of the restrictive covenants and to shorten the notice required in order to call the notes, according to an announcement.

The company said it will purchase the notes using financing proceeds and cash on hand and available liquidity.

Tendered notes may be withdrawn before the early deadline.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4759) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (877 732-3619, fax 212 269-5550 or axe@dfking.com) is the depositary and information agent.

Anixter is a Glenview, Ill.-based distributor of enterprise cabling and security solutions, electrical and electronic wire and cable and OEM supply fasteners and other small parts.

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