Anixter to price $350 million 7.5-year bullet in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Aug. 4 – Anixter Inc. scheduled an investor conference call at 11:30 a.m. ET on Tuesday to roll out its $350 million offering of non-callable 7.5-year senior notes (Ba3/BB), according to a syndicate source.

The deal was set to price Tuesday afternoon.

Preliminary guidance is 5½%, according to a trader.

Wells Fargo Securities LLC is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. BofA Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners.

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

The Glenview, Ill.-based company plans to use the proceeds, along with cash on hand, as well as borrowings on a new accounts receivable facility and a new Canadian term loan, to fund its acquisition of HD Supply Holdings, Inc.’s Power Solutions business.

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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