EXHIBIT 99.1
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FOR FURTHER INFORMATION:
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Dennis Letham Lynne Franklin Lisa Ferguson Laura Kuhlmann
Chief Financial Officer General Inquiries Analyst Inquiries Media Inquiries
(847) 715-2601 (312) 640-6695 (312) 640-6788 (312) 266-2239
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FOR IMMEDIATE RELEASE
WEDNESDAY JUNE 28, 2000
ANIXTER INTERNATIONAL COMPLETES
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$200 MILLION CONVERTIBLE NOTE OFFERING
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SKOKIE, IL., JUNE 28, 2000 - Anixter International Inc. (NYSE:AXE), a
world leading distributor of communication products, today announced
that it has received $200 million (gross proceeds inclusive of the
initial purchaser's over-allotment option), from the placement under
Rule 144A of $792 million aggregate principal amount at maturity in
2020, of senior, zero-coupon notes with a 7 percent yield to maturity.
The notes are convertible into a maximum of 5,908,558 shares of common
stock of Anixter International at an initial conversion price of
$33.86 per common share (22 percent above the June 22, 2000 closing
price on the New York Stock Exchange).
Proceeds from the sale of the notes will initially be used to pay off
debt, with such amounts expected to be reborrowed again in the future
for growth of the business and general corporate purposes.
Neither the notes nor the shares of common stock issuable upon
conversion of the notes have been registered under the Securities Act,
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements. This press release shall not constitute an offer to buy
nor shall there be any sale of these securities in a jurisdiction
where such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Anixter International is a world leading distributor of products that
connect businesses to today's digital networks. The company adds
value to the distribution process by providing its customers access to
1) the largest technical sales force in the industry, 2) more than
65,000 products and $650 million in inventory, 3) 75 warehouses with
more than 3.5 million square feet of space, and 4) locations in 175
cities in 41 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,"
"SHOULD," "MAY," 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 THE RESULTS
INDICATED HERE. THESE FACTORS INCLUDE GENERAL ECONOMIC CONDITIONS,
TECHNOLOGY CHANGES, CHANGES IN SUPPLIER OR CUSTOMER RELATIONSHIPS,
EXCHANGE RATE FLUCTUATIONS, AND NEW OR CHANGED COMPETITORS. 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 and www.frbinc.com
