Anixter International Inc. Enters Into New $400 Million Revolving Credit Agreement (AXE)

Anixter International Inc. 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.