Anixter retires $33.1 million of bank loans, convertibles in quarter

By Susanna Moon

Chicago, Oct. 27 - Anixter International Inc. said it paid down $18.5 million of bank revolving credit borrowings and repurchased zero-coupon convertible notes due 2033 with an accreted value of $14.6 million in the quarter ended Oct. 2.

"During the most recent quarter, we used the strong cash flow to retire $33.1 million of outstanding debt," Dennis Letham, executive vice president, finance, said in a press release.

"With a quarter end cash balance of $167.6 million, including $98.0 million of short-term invested cash, and an expectation of continued positive cash flow, we may from time to time repurchase additional amounts of the company's outstanding shares, 3.25% zero-coupon convertible notes or other outstanding debt obligations."

The convertibles were priced to yield 3.25%.

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

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