WESCO International, Inc. Announces Closing of $500 Million Senior Notes due 2021
PITTSBURGH, Nov. 26, 2013 /PRNewswire/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announced today that its wholly-owned subsidiary, WESCO Distribution, Inc., completed its previously-announced offering of $500 million aggregate principal amount of 5.375% senior notes due 2021.
Mr. Ken Parks, WESCO's Senior Vice President and Chief Financial Officer, commented, "Our capital structure has been further strengthened through the completion of three recent transactions. In September, we amended our accounts receivable securitization facility, extending the term to 2016 and lowering pricing. Earlier in November, we amended our term loan agreement reducing pricing on the U.S. sub-facility effective December 13, 2013. Today's completion of the senior notes offering and repayment of a portion of the U.S. term loan sub-facility locks in an attractive long term borrowing rate on a significant portion of our debt. The three transactions balance our fixed to variable debt ratio without impacting overall annual interest expense."
WESCO International, Inc. (NYSE: WCC), a publicly traded Fortune 500 holding company headquartered in Pittsburgh, Pennsylvania, is a leading provider of electrical, industrial, and communications maintenance, repair and operating ("MRO") and original equipment manufacturers ("OEM") product, construction materials, and advanced supply chain management and logistic services. 2012 annual sales were approximately $6.6 billion. WESCO employs approximately 9,000 people, maintains relationships with over 18,000 suppliers, and serves over 65,000 active customers worldwide. Customers include commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers and utilities. WESCO operates nine fully automated distribution centers and approximately 475 full-service branches in North America and international markets, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in WESCO's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as WESCO's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.