Anixter closes term loan of USD200m and amends revolving credit agreement.
M2 EQUITYBITES-August 28, 2014-Anixter closes term loan of USD200m and amends revolving credit agreement
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Anixter International Inc (NYSE:AXE) disclosed on Thursday that its wholly-owned operating subsidiary Anixter Inc, closed on a term loan of USD200m using the incremental facility available under its senior unsecured revolving credit agreement,which was dated 8 April 2011.
The company said that the proceeds from the increased facility will be used to partly finance the planned acquisition of Tri-Ed Security Products and added that its subsidiary also amended the revolving credit agreement to up the maximum leverage ratio to 3.50; up the leverage ratio maintenance test regarding the senior notes due 2015, to 3.00; and reset the incremental facility to USD200m, after giving effect to the term loan.
The company added that all other material terms and conditions of the revolving credit agreement remains substantially unchanged and is guaranteed by the parent company.
Anixter is a distributor of enterprise cabling and security solutions, electrical and electronic wire and cable and OEM supply fasteners and other small parts.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 28, 2014|
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