Roadshow starts Tuesday for $1.58 billion two-part offer backing Wesco-Pattonair merger deal

By Paul A. Harris

Portland, Ore., Oct. 18 – Dealers kicked off a $1,575,000,000 offering of high-yield notes backing the acquisition of Wesco Aircraft Holdings, Inc. by an affiliate of Platinum Equity and the merger of Wesco with Pattonair USA Inc., market sources said on Friday.

The deal features $1 billion of seven-year senior secured notes and $575 million of eight-year senior unsecured notes.

A roadshow is set to begin on Tuesday and conclude on Oct. 25.

BofA Securities Inc. is the left bookrunner. Deutsche Bank Securities Inc., Jefferies LLC, Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co. LLC and HSBC Securities (USA) LLC are the joint bookrunners.

The notes in both tranches of the Rule 144A for life deal come with three years of call protection.

Proceeds will be used to help fund the buyout of Wesco and fund the merger of Wesco with Pattonair USA, Inc., a provider of supply chain management services for the aerospace and defense industries.

Proceeds from the note sale will also be used to repay debt.

The issuing entity will be Wolverine Escrow, LLC, which is to be merged with an into Wesco Aircraft Holdings.

Wesco is a Valencia, Calif.-based supply chain services provider to the aerospace industry.

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