Anixter repurchases 3.25% zero-coupon convertibles, retires 10% notes

By Melissa Kory

Cleveland, Oct. 26 - Anixter International Inc. announced that during its third quarter it repurchased $8.2 million of its 3.25% zero-coupon convertible notes, resulting in a pre-tax gain of $0.1 million.

Anixter also retired $11.8 million of its outstanding 10% senior notes during the third quarter, resulting in a pre-tax loss of $2.8 million.

With a quarter-end cash balance of $66.2 million and an expectation of continuing positive cash flow, Anixter said it may repurchase more of the company's outstanding shares, 3.25% convertible notes or other outstanding debt.

Based in Glenview, Ill., Anixter is a distributor of communications and security products, electrical and electronic wire and cable, fasteners and other small parts.

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