Anixter to price $400 million seven-year bullet in Thursday drive-by

By Paul A. Harris

Portland, Ore., Sept. 18 – Anixter Inc. plans to price a $400 million offering of non-callable seven-year senior notes (expected ratings Ba3/BB) on Thursday, according to a syndicate source.

An investor call is scheduled to begin at 11:30 a.m. ET.

Initial guidance has the deal coming with a yield in the low 5% area, according to a trader.

Wells Fargo Securities LLC is the left bookrunner for the public offering.

BofA Merrill Lynch, J.P. Morgan Securities LLC and RBS Securities Inc. are the joint bookrunners.

SunTrust Robinson Humphrey Inc. and Scotia Capital are the co-managers.

The Glenview, Ill.-based company plans to use the proceeds to repay amounts outstanding under its accounts receivable securitization program and to pay down its revolver.

Anixter is a 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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