E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Add to balance / Manage account  User:  Log out
Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item
Published on 8/21/2009 in the Prospect News Convertibles Daily.

Wesco sets conversion price for notes being offered in exchange for 1.75%, 2.625% convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 21 - Wesco International, Inc. said the initial conversion price for its new 6% convertible senior debentures due 2029 will be $28.8656, which is 125% of the average volume-weighted average price of the company's stock for the 10 trading days that ended Aug. 21.

The conversion ratio is 34.6433 shares per $1,000 principal amount of debentures, according to a company news release.

The new convertibles are being offered in exchange for the company's outstanding 1.75% convertible senior debentures due 2026 and its 2.625% convertible senior debentures due 2025.

The company is offering $960 principal amount of new convertibles for each $1,000 principal amount of 1.75% convertibles and $1,010 principal amount of new convertibles for each $1,000 principal amount of 2.625% convertibles.

Holders will also receive accrued interest.

Wesco said it will issue no more than $345 million principal amount of the new convertibles, and the offer is conditioned on the issue of at least $100 million of the 6% convertibles.

All tendered 1.75% convertibles will be accepted before any 2.625% convertibles are accepted.

The offer began July 27 and will end at midnight ET on Aug. 21.

The lead dealer managers for the offer are Goldman, Sachs & Co. (877 686-5059 or call collect 212 357-2992) and Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581). The co-dealer managers are Credit Suisse Securities (USA) LLC, Wells Fargo Securities, LLC, Robert W. Baird & Co. Inc. and Raymond James & Associates, Inc.

Global Bondholder Services Corp. (866 470-1500 or call collect 212 430-3774) is the information agent.

Wesco is a Pittsburgh-based distributor of electrical construction products and supplies.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.