ITEL <ITEL> GETS FINANCING FOR ANIXTER BUY
  Itel Corp said it obtained commitments
  from a syndicate of banks for a six-year secured loan of about
  325 mln dlrs and had separately filed registration statements
  for two public offerings for a total of 150 mln dlrs to fund
  its December 1986 acquisition of <Anixter Bros Inc>.
      It said one of the offerings will be a new 75 mln dlrs
  issue of convertible exchangeable series C preferred and the
  other will be a 75 mln dlr issue of seven-year senior
  subordinated notes. Both offerings will be through Merrill
  Lynch Capital Markets.
      It said a portion of the proceeds from the offerings,
  together with the proceeds form the new bank loan, wll be used
  to repay the 395 mln dlr bridge loan Merrill Lynch and Co Inc
  <MER> provided for Itel to buy Anixter.
      Itel said the banks it obtained commitments from include
  Manufacturers Hanover Trust Co <MHC>, <Chemical Bank of New
  <York>, and the <First National Bank of Chicago>.