Anixter gets new $275 million revolver

By Sara Rosenberg

New York, June 18 - Anixter Inc. closed on a new $275 million senior unsecured five-year revolving credit facility that carries an interest rate of Libor plus 77.5 basis points and an unused commitment fee of 22.5 basis points, according to a company news release.

The new revolver replaces a similar-sized facility that was set to expire in October 2005.

"Our strong financial position coming out of the recession combined with current credit market conditions allowed us to replace our existing facility with a facility that has more favorable pricing terms and covenants," chief financial officer Dennis Letham said in the release. "The size and extended maturity of the new facility give us the confidence and financial resources necessary to pursue growth and expansion of our business, both organically as well as by acquisition."

Anixter is a Glenview, Ill., distributor of communication products, electrical and electronic wire and cable and a distributor of fasteners and other small parts to original equipment manufacturers.

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