By Paul A. Harris
Portland, Ore., Sept. 18 – Anixter Inc. priced a $400 million issue of non-callable seven-year senior notes (Ba3/BB/) at par to yield 5 1/8% on Thursday, according to a syndicate source.
The yield printed in the middle of the 5% to 5¼% yield talk and in line with earlier guidance in the low 5% yield context, according to a trader.
Wells Fargo Securities LLC was the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC and RBS Securities Inc. were the joint bookrunners.
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.
| Issuer: | Anixter Inc.
|
| Amount: | $400 million
|
| Maturity: | Oct. 1, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-managers: | SunTrust Robinson Humphrey Inc., Scotia Capital
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 281 bps
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 18
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor’s: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5% to 5¼%
|
| Marketing: | Quick to market
|
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