By Paul A. Harris
Portland, Ore., April 25 - Anixter Inc. priced a $350 million issue of non-callable seven-year senior notes (Ba3/BB/) at par to yield 5 5/8% on Wednesday, according to a syndicate source.
The yield printed at the tight end of the 5¾% area yield talk.
Wells Fargo Securities LLC was the left bookrunner. Bank of America Merrill Lynch, J.P. Morgan Securities LLC and RBS Securities Inc. were the joint bookrunners.
UBS Investment Bank was a co-manager.
Proceeds will be used to repay the accounts receivable securitization, to repay revolver debt and for general corporate purposes.
Anixter is a Glenview, Ill.-based distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts.
| Issuer: | Anixter Inc.
|
| Amount: | $350 million
|
| Maturity: | May 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Wells Fargo Securities, LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-manager: | UBS Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 426 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | April 25
|
| Settlement date: | April 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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