Anixter International has announced that its wholly-owned operating subsidiary, Anixter Inc., will offer US$350 million of senior notes due 2023.
Anixter International has announced that its wholly-owned operating subsidiary, Anixter Inc., will offer US$350 million of senior notes due 2023. Anixter International Inc. will fully and unconditionally guarantee the notes, which will be unsecured obligations of Anixter Inc.
Anixter intends to use the net proceeds of the offering to fund a portion of the consideration for the previously announced acquisition of HD Supply’s Power Solutions business. If the acquisition agreement is terminated, or the acquisition otherwise does not close, at any time on or prior to January 15, 2016, the notes will be subject to a special mandatory redemption, at a redemption price equal to 100 percent of the initial issue price of the notes, plus accrued and unpaid interest. Prior to closing the acquisition, Anixter may use the net proceeds to make short-term liquid investments at its discretion.
The notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. The notes and the related guarantee have not been registered under the Securities Act, or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release is for informational purposes only and does not constitute an offer to sell the Notes, nor a solicitation for an offer to purchase the Notes, nor shall there be any sales of Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.