Wesco to redeem all outstanding 5 3/8% notes due 2024 on July 2

By Rebecca Melvin

Concord, N.H., June 2 – Wesco International, Inc. announced it will redeem all of its outstanding 5 3/8% senior notes due 2024 on July 2.

The notes will be redeemed a price equal to 101.344% of par plus accrued interest to the redemption date.

The total principal amount currently outstanding is $350 million.

The company plans to fund the redemption using cash and availability under a receivables facility and separate revolving credit facility.

The redemption of the notes and receivable facility amendment completed on June 1 are expected to result in total interest expense savings of about $2 million in 2021 and $18 million per year thereafter based on current interest rates.

Wesco said the transaction continues its focus on deleveraging and further strengthening its balance sheet to meet its objective to reduce net leverage to below 3.5x by June 2023.

Based in Pittsburgh, Wesco is a provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials and advanced supply chain management and logistic services.

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