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Anixter to repay some revolver borrowings with convertibles proceeds
By Sara Rosenberg
New York, Feb. 12 - Anixter International Inc. plans to reduce borrowings under its revolving credit facility using a portion of the proceeds from a proposed $275 million convertible senior notes offerings, according to a company news release.
Remaining convertible proceeds will be used to purchase about $100 million of the company's common stock and to reduce funding under its accounts receivable securitization facility.
Anixter is a Glenview, Ill.-based distributor of communication products, electrical and electronic wire & cable and a distributor of fasteners and other small parts to original equipment manufacturers.
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