Wesco redeems $2.51 million, converts $89.82 million convertibles

By Melissa Kory

Cleveland, Dec. 23 - Wesco International, Inc. redeemed its $2,509,000 of 2.625% convertible senior debentures due 2025 on Thursday.

Wesco paid about $2.5 million for the redemption, including accrued interest to, but excluding, the redemption date.

Ahead of the redemption, holders converted $89,815,000 of the debentures. Wesco paid $89.8 million in cash in settlement of the conversions, including cash in lieu of fractional shares, and issued 340,213 shares of its common stock.

No debentures remain outstanding following the conversions and the redemption.

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

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