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Fitch assigns Wesco, notes BB-
Fitch Ratings said it assigned Wesco International, Inc. and Wesco Distribution, Inc. a first-time rating BB. Fitch also assigned ratings of BB+/RR1 to the company’s first-lien secured ABL facility and BB-/RR4 to the company’s $850 million of unsecured notes and proposed issuance of $2.825 billion of unsecured notes to purchase Anixter International.
Additionally, Fitch also expects to rate Wesco’s preferred shares at B/RR6 when the instruments are issued at the close of the transaction.
Wesco’s rating is driven by the significant increase in leverage expected to occur from the issuance and assumption of approximately $3.9 billion of debt to buy Anixter, Fitch said.
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