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Wesco plans to redeem all 7 1/8% senior notes due 2025 via new notes
By Mary-Katherine Stinson
Lexington, Ky., Feb. 26 – Wesco International Inc. plans to use the proceeds of Wesco Distribution Inc.’s planned $1.5 billion of senior notes due 2029 and 2032 to redeem all $1.5 billion of Wesco Distribution’s outstanding 7 1/8% senior notes due June 2025, according to a press release.
The 2025 notes will be redeemed on or after June 15.
Prior to repaying the 2025 notes, Wesco Distribution intends to use the net proceeds from the new offering temporarily to repay a portion of the amounts outstanding under its accounts receivable securitization facility and to repay all the outstanding borrowings under its asset-based revolving credit facility. Subsequently, the company will redraw approximately those same amounts under the receivables facility and the ABL facility, respectively, to redeem the 2025 notes.
Based in Pittsburgh, Wesco is a distributor and provider of supply chain management services to the aerospace industry.
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