Wesco enters into commitment letter for up to $4.33 billion of loans

By Sarah Lizee

Olympia, Wash., Jan. 13 – Wesco International, Inc. entered into a commitment letter on Friday under which Barclays has committed to provide an up to $1.2 billion senior secured asset based revolving credit facility and a $3.125 billion unsecured bridge facility, according to an 8-K filing with the Securities and Exchange Commission.

The commitment is being made in connection with Wesco’s planned acquisition of Anixter, as previously reported.

The companies announced on Monday that their boards of directors have unanimously approved the merger agreement.

The transaction is valued at about $4.5 billion and is expected to close during the second or third quarter of 2020.

Wesco is a Pittsburgh-based provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturer (OEM) products, construction materials and advanced supply chain management and logistic services. Anixter is a Glenview, Ill.-based distributor of network and security, electrical and electronic and utility power products.

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