Anixter to redeem convertibles, repay bank debt with note offering

New York, Feb. 24 - Anixter International Inc. said it plans to redeem all its outstanding convertible notes due 2020 on June 28 and repay borrowings on its revolving line of credit with proceeds from an offering of $200 million of senior notes due 2015.

The Glenview, Ill., distributor of communication products, electrical and electronic wire & cable and fasteners and other small parts will also use proceeds for general corporate purposes.

As of Dec. 31, 2004, Anixter had $196.3 million face value and $67.6 million book value of the convertibles due 2020 outstanding and $30 million of revolver borrowings, according to its most recent 10-K filing with the Securities and Exchange Commission.

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