New Issue: Wesco prices upsized $500 million 5 3/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Nov. 21 - Wesco Distribution, Inc. priced an upsized $500 million issue of eight-year senior notes (B1/B+/) at par to yield 5 3/8% on Thursday, according to an informed source.

The deal was upsized from $400 million.

The yield printed at the tight end of yield talk set in the 5½% area.

BofA Merrill Lynch was the left bookrunner. Wells Fargo Securities LLC was the joint bookrunner.

All or a portion of the proceeds will be used to repay amounts outstanding under the company's U.S. sub-facility of its term loan facility.

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.

Issuer:	Wesco Distribution, Inc., a subsidiary of Wesco International, Inc.
Amount:	$500 million, increased from $400 million
Maturity:	Dec. 15, 2021
Securities:	Senior notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunner:	Wells Fargo Securities LLC
Co-managers:	J.P. Morgan Securities LLC, Barclays, Goldman Sachs & Co., Fifth Third Securities Inc., U.S. Bancorp Investments Inc., HSBC, RBS Securities Inc., Huntington
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	310 bps
First call:	Make-whole call at Treasuries plus 50 bps until Dec. 15, 2016, then callable at 104.031
Equity clawback:	35% at 105.375 until Dec. 15, 2016
Trade date:	Nov. 21
Settlement date:	Nov. 26
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5½% area
Marketing:	Roadshow

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