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February 06, 2016 1:50 PM ET

Electronic Equipment, Instruments and Components

Company Overview of Anixter Inc.

Company Overview

Anixter Inc. distributes communication products, electrical and electronic wire and cable, and fasteners and other inventory parts to original equipment manufacturers. It supplies network cabling systems; physical security solutions; networking, wireless, and voice products; electrical and electronic wire and cable; and fasteners and class “c” products. The company also offers sourcing, logistics, inventory management, product enhancement and packaging, and multi-site rollout and technology deployment solutions. It offers communications products to companies or institutions that operate an internal communications network, central switching office, or data center; electrical and electronic wi...

2301 Patriot Boulevard

Glenview, IL 60026

United States

Founded in 1967

Phone:

800-323-8167

Key Executives for Anixter Inc.

Chief Executive Officer of Anixter International Inc., President of Anixter International Inc. and Director of Anixter International Inc.
Age: 56
Compensation as of Fiscal Year 2015.

Anixter Inc. Key Developments

Anixter Inc. Enters into Asset Based Lending Five-Year Revolving Credit Facility

On October 5, 2015, Anixter Inc. and certain of its subsidiaries (including the Tri-Ed Subsidiaries and Power Solutions Subsidiaries), as borrowers, entered into an asset based lending five-year revolving credit facility in an aggregate committed amount of $150 million with Wells Fargo Bank, National Association, as Administrative Agent, and the lenders named therein. Borrowings under the Inventory Facility are secured by a first lien on Anixter Inc.’s and certain of its subsidiaries’ personal property (other than excluded property (which includes, without limitation, all machinery and equipment, intellectual property and equity interests in foreign subsidiaries and certain other domestic subsidiaries)) and supported by a guarantee by the company. The drawn pricing will range from LIBOR plus 125 basis points when the Combined Availability is greater than $500 million to LIBOR plus 175 basis points when Combined Availability is less than $250 million. Undrawn fees will be 25 basis points if greater than 50% of the facility is drawn, and 37.5 basis points if less than 50% of the facility is drawn. The Inventory Facility has a borrowing base, with respect to appraised eligible domestic inventory, of the lesser of 85% of the net orderly liquidation value of such inventory and 75% of book value of such inventory, plus, with respect to eligible domestic inventory not appraised, 40% of the net orderly liquidation value of such inventory, less certain reserves. Cash dominion will apply in the event that certain events of default occur or the Combined Availability is less than the greater of $75.0 million or 10% of the Combined Facilities. In the event that certain events of default occur or the Combined Availability is less than the greater of $75.0 million or 10% of the Combined Facilities, Anixter Inc. will be subject to a minimum fixed charge coverage ratio of 1.0x. The Inventory Facility provides for customary representations and warranties and customary events of default, generally with corresponding grace periods, including, without limitation, payment defaults with respect to the facility, covenant defaults, cross-defaults to other agreements evidencing material indebtedness, certain judgments and events of bankruptcy. Failure to refinance Anixter Inc.’s $350 million 5.625% Senior Notes due 2019 prior to January 31, 2019 will also constitute an event of default.

Anixter Inc. Announces Completion of a $350 Million Senior Notes

Anixter Inc. announced sale of $350 million of 5.50% senior notes due 2023. Anixter International Inc. fully and unconditionally guarantees the notes, which are 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% 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.

Anixter Inc. Announces Offering of $350 Million Senior Note Due 2023

Anixter Inc. announced that it will offer $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% 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.

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