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Wesco gets $400 million revolver at pricing of Libor plus 150-200 bps
By Sara Rosenberg
New York, Aug. 23 - Wesco International Inc. closed on a new $400 million five-year senior secured revolving credit facility, according to a news release.
Pricing on the revolver can range from Libor plus 150 basis points to 200 bps based on available borrowing capacity.
There is a $100 million accordion feature.
Under the terms of the revolver, the company is allowed to pay dividends, repurchase common stock or repurchase debt without limitation as long as pro forma combined availability under the revolver and the company's accounts receivable facility exceeds $125 million and the adjusted fixed-charge ratio is not less than 1.1 to 1.0.
Proceeds were used to replace an existing revolver that had pricing ranging from Libor plus 225 bps to 287.5 bps.
In addition, the company amended its $450 million accounts receivable securitization facility, adding a $100 million accordion feature, providing for a three-year term, lowering pricing to 1.1% from 1.75% and reducing the commitment fee to 55 bps from 75 bps.
Wesco is a Pittsburgh-based provider of electrical, industrial, and communications MRO and OEM products, construction materials and advanced supply chain management and logistics services.
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