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Moody's assigns Wesco notes B1
Moody's Investors Service said it assigned a B1 rating to Wesco Distribution, Inc.'s proposed $400 million senior unsecured notes due 2021.
In addition, the agency upgraded Wesco International, Inc.'s speculative grade liquidity rating to SGL-1 from SGL-2 and affirmed the company's Ba3 corporate family rating and Ba3-PD probability of default rating. As part of this action, Moody's also affirmed the Ba3 ratings for the company's senior secured term loans.
The outlook remains stable
Proceeds from the senior notes offering will be used to repay a commensurate amount under the U.S. dollar-denominated sub-facility of the company's senior secured term loan, resulting in a leverage neutral transaction.
"The proposed issuance of $400 million of senior notes will reduce Wesco's interest rate sensitivity by providing an improved balance of fixed to floating rate debt and extend its debt maturity profile," Moody's analyst Harman Saggu said in a news release.
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