Wesco Distribution increases pricing on $775 million of term loans

By Sara Rosenberg

New York, Nov. 16 - Wesco Distribution Inc. raised pricing on its $605 million term loan to Libor plus 350 basis points from Libor plus 300 bps and on its C$150 million term loan to BA plus 400 bps from BA plus 350 bps, according to a market source.

As before, both term loans have a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Commitments for the roughly $755 million of new seven-year covenant-light term loans (Ba3/B+) continue to be due at the end of the day on Tuesday, the source added.

Credit Suisse Securities (USA) LLC, Barclays, UBS Securities LLC and Goldman Sachs & Co. are the lead banks on the deal.

Proceeds will be used to fund the acquisition of Eecol Electric Corp., a Calgary, Alta.-based full-line distributor of electrical equipment, products and services, for about C$1.14 billion.

Closing is expected this quarter, subject to approval under the Canadian Competition Act.

Wesco is a Pittsburgh-based provider of electrical, industrial and communications MRO and OEM products, construction materials and advanced supply chain management and logistics services.

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