WESCO Announces Redemption of 5.375% Senior Notes Due 2024
June 02 2021 - 8:15AM
Business Wire
WESCO Distribution, Inc., (NYSE: WCC) today announced that it
will redeem all of its outstanding 5.375 percent Senior Notes due
2024. The $350 million aggregate principal amount of outstanding
notes will be redeemed on July 2, 2021, at a redemption price equal
to 101.344 percent of the principal amount of the Senior Notes,
together with accrued and unpaid interest to the redemption date.
WESCO intends to fund the redemption using cash and availability
under its Receivables Facility and its separate revolving credit
facility.
The redemption of the Senior Notes and an amendment to the
Company’s Receivable Facility completed on June 1, 2021, are
expected to result in total interest expense savings of
approximately $2 million in 2021 and $18 million per year
thereafter based on current interest rates. This transaction
continues WESCO’s focus on deleveraging and further strengthening
its balance sheet to meet its objective to reduce its net leverage
ratio to below 3.5x by June 2023.
This press release shall not constitute a notice of redemption
of the Senior Notes, and shall not constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of any securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About WESCO
WESCO International, Inc. (NYSE: WCC), a publicly traded FORTUNE
500® company headquartered in Pittsburgh, Pennsylvania, is a
leading provider of business-to-business distribution, logistics
services and supply chain management solutions. Pro forma 2020
annual sales were over $16 billion, including full year sales for
Anixter International which WESCO acquired in June 2020. WESCO
offers a best-in-class product and services portfolio of Electrical
and Electronic Solutions, Communications and Security Solutions,
and Utility and Broadband Solutions. The company employs
approximately 18,000 people, maintains relationships with
approximately 30,000 suppliers, and serves more than 125,000
customers worldwide. With nearly 1.5 million products, end-to-end
supply chain services, and leading digital capabilities, WESCO
provides innovative solutions to meet customer needs across
commercial and industrial businesses, contractors, government
agencies, institutions, telecommunications providers, and
utilities. WESCO operates approximately 800 branch and warehouse
locations in over 50 countries, providing a local presence for
customers and a global network to serve multi-location businesses
and multi-national corporations.
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Investor Relations Contact
Will Ruthrauff WESCO International, Inc. 412-454-4220
wruthrauff@wesco.com
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