New Issue: Anixter sells $250 million seven-year bullet notes at par to yield 6%

By Paul A. Harris

Portland, Ore., Oct. 29 – Anixter, Inc. priced a $250 million issue of seven-year senior bullet notes (Ba3/BB/BBB-) at par to yield 6% in a quick-to-market Monday trade, according to a syndicate source.

The yield printed in the middle of yield talk in the 6% area.

Wells Fargo Securities LLC was the left bookrunner. J.P. Morgan Securities LLC and BofA Merrill Lynch were the joint bookrunners.

The Glenview, Ill.-based distributor of enterprise cabling and security solutions plans to use the proceeds, together with cash on hand, to refinance $350 million of its senior notes due 2019.

Issuer:	Anixter, Inc.
Amount:	$250 million
Maturity:	Dec. 1, 2025
Securities:	Senior notes
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch
Co-managers:	SunTrust Robinson Humphrey Inc., HSBC Securities (USA) LLC, PNC Capital Markets LLC
Coupon:	6%
Price:	Par
Yield:	6%
Spread:	300 bps
First call:	Make-whole call at Treasuries plus 50 bps until Sept. 1, 2025, then callable at par, otherwise non-callable
Trade date:	Oct. 29
Settlement date:	Nov. 13
Ratings:	Moody's: Ba3
	S&P: BB
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6% area
Marketing:	Quick to market

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