Attached files
| file | filename |
|---|---|
| EX-10.1 - EX-10.1 - ANIXTER INTERNATIONAL INC | c64051exv10w1.htm |
| 8-K - FORM 8-K - ANIXTER INTERNATIONAL INC | c64051e8vk.htm |
EXHIBIT 99.1
FOR FURTHER INFORMATION: |
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AT THE COMPANY:
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AT FD: | |
Dennis Letham
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Chris Kettmann | |
Chief Financial Officer
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Investor and Media Inquiries | |
(224) 521-8601
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(312) 553-6716 |
ANIXTER INTERNATIONAL INC.
ENTERS INTO NEW $400 MILLION
REVOLVING CREDIT AGREEMENT
ENTERS INTO NEW $400 MILLION
REVOLVING CREDIT AGREEMENT
GLENVIEW, IL, April 11, 2011 — Anixter International Inc. (NYSE: AXE), a leading global
distributor of communication and security products, electrical and electronic wire & cable,
fasteners and other small parts, today announced that its wholly-owned operating subsidiary,
Anixter Inc., refinanced its senior unsecured revolving credit facility on April 8, 2011.
The following key changes have been made to the prior revolving credit agreement:
| • | The size of the credit facility has increased from $350 million to $400 million (or the equivalent in Euros). | ||
| • | The maturity date of the new agreement will be April 2016. | ||
| • | Anixter Inc. will be permitted to upstream funds to Anixter International Inc. for payment of dividends and share repurchases to a maximum of $175 million plus 50 percent of Anixter Inc.’s cumulative net income from the effective date of the new agreement. | ||
| • | Anixter Inc. will be allowed to prepay, purchase or redeem indebtedness of Anixter International Inc., provided that its proforma leverage ratio (as defined) is less than or equal to 2.75 to 1.00 and that its unrestricted domestic cash balance plus availability under the revolving credit agreement and the accounts receivable securitization facility is equal to or greater than $175 million. | ||
| • | The pricing grid has been adjusted to a leverage based pricing grid. Based on Anixter Inc.’s current leverage ratio, the applicable margin will be Libor plus 200 basis points, similar to the existing agreement. |
All other material terms and conditions of the revolving credit agreement, which is guaranteed by
Anixter International Inc., are similar to the prior credit agreement.
Commenting on the amendment to the revolving credit facility, Dennis Letham, Executive Vice
President — Finance, said, “The increased size and extension of the credit agreement to 2016
solidifies Anixter’s already-strong financial position, ensuring that we have the borrowing
capacity to meet increased working capital requirements if higher sales growth is achieved as the
global economy continues to recover. Our consistent financial results and strong cash flow, coupled
with the expanded credit facility, allow us to both meet scheduled debt maturities and further
execute on our strategic initiatives going forward, which includes strategic acquisition
opportunities.”
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About Anixter
Anixter International is a leading global distributor of communication and security products,
electrical and electronic wire & 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 $1.0 billion in inventory, 3) 228 warehouses with
approximately 7.0 million square feet of space, and 4) locations in 263 cities in 50 countries.
Founded in 1957 and headquartered near Chicago, Anixter trades on the New York Stock Exchange under
the symbol AXE.
Safe Harbor Statement
The statements in this news release that use such words as “believe,” “expect,” “intend,”
“anticipate,” “contemplate,” “estimate,” “plan,” “project,” “should,” “may,” ”will,” or similar
expressions are forward-looking statements. They are subject to a number of factors that could
cause the company’s actual results to differ materially from what is indicated here. These factors
include general economic conditions, including the severity of current economic and financial
market conditions, the level of customer demand particularly for capital projects in the markets we
serve, changes in supplier sales strategies or financial viability, political, economic or
currency risks related to foreign operations, inventory obsolescence, copper price fluctuations,
customer viability, risks associated with accounts receivable, the impact of regulation and
regulatory, investigative and legal proceedings and legal compliance risks, potential impairment of
goodwill and risks associated with integration of acquired companies. These uncertainties may
cause our actual results to be materially different than those expressed in any forward looking
statements. We do not undertake to update any forward looking statements. Please see the
company’s Securities and Exchange Commission filings for more information.
Additional information about Anixter is available on the Internet at
www.anixter.com
www.anixter.com
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