Anixter International Inc. and Anixter Inc. Announce Early Participation Results of Cash Tender Offer
GLENVIEW, Ill., March 18 /PRNewswire-FirstCall/ -- Anixter International Inc. (NYSE: AXE) and its Anixter Inc. subsidiary announced today that a total of $88,563,000 in aggregate principal amount of Anixter Inc.'s 10% Senior Notes due 2014, representing approximately 66.42% of the outstanding principal amount of the notes, were tendered in a cash tender offer for the notes prior to 5 p.m. EDT, on Wednesday, March 17, 2010 (the "Early Participation Payment Deadline"). All tendered notes have been accepted for purchase.
Holders who validly tendered (and did not validly withdraw) their notes at or prior to the Early Participation Payment Deadline are expected to receive payment on March 18, 2010, the initial payment date.
The offer is scheduled to expire at 5 p.m. EDT, on Thursday, April 1, 2010, unless extended or earlier terminated (the "Expiration Time"). Holders who validly tender their notes after the Early Participation Payment Deadline but at or prior to the Expiration Time and whose notes are accepted for purchase will receive payment on the final payment date, which is expected to be April 5, 2010. Holders who validly tender their notes after the Early Participation Payment Deadline will not receive the early participation payment of $30.00 per $1,000.00 principal amount of notes.
The complete terms and conditions of the offer are set forth in an Offer to Purchase and related Letter of Transmittal that were sent to holders of notes. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Depositary and Information Agent for the Offer, Global Bondholder Services Corporation, at (866) 952-2200 (US toll free).
BofA Merrill Lynch is the Dealer Manager for the tender offer. Questions regarding the offer may be directed to BofA Merrill Lynch at (888) 292-0070 (toll-free) and (646) 855-3401 (collect).
This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other securities. The offer is made only by and pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. None of Anixter Inc., Anixter International, the Dealer Manager or the Depositary and Information Agent makes any recommendations as to whether holders should tender their notes pursuant to the offer.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Anixter International's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including a change in the expiration dates, conditions to, or changes in the timing of, proposed transactions, changes in the conditions of the securities markets, particularly the markets for debt securities and other factors identified in documents filed by Anixter International with the Securities and Exchange Commission.
About Anixter
Anixter International is a leading global distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts. The company adds value to the distribution process by providing its customers access to 1) innovative inventory management programs; 2) more than 450,000 products and over $900 million in inventory; 3) 225 warehouses with more than 7 million square feet of space; and 4) locations in 265 cities in 52 countries. Founded in 1957 and headquartered near Chicago, Anixter trades on the New York Stock Exchange under the symbol AXE.
Additional information about Anixter is available on the Internet at
SOURCE Anixter International Inc.
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