Wesco Aircraft withdraws $600 million term loan B from market

By Sara Rosenberg

New York, Nov. 4 – Wesco Aircraft Holdings Inc. pulled its $600 million seven-year covenant-lite term loan B (B3/B) from the primary market as its senior secured notes offering was upsized to $1.6 billion from $1 billion, according to a market source.

The term loan B was talked at Libor plus 525 basis points with an original issue discount of 98 and 101 soft call protection for six months.

Deutsche Bank Securities Inc., BofA Securities, Inc., Jefferies LLC, Barclays, BNP Paribas Securities Corp., Goldman Sachs Bank USA and HSBC Securities (USA) Inc. were the bookrunners on the loan.

The loan was going to be used to help fund the buyout of the company by Platinum Equity for $11.05 per share in cash. The transaction is valued at about $1.9 billion.

The company is still getting $575 million of senior unsecured notes for the transaction.

Upon completion, Wesco will be combined with Platinum Equity portfolio company Pattonair, a U.K.-based provider of supply chain management services for the aerospace and defense industries.

Closing is expected by year-end, subject to Wesco shareholder approval, regulatory clearances and other customary conditions.

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

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