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Wesco International to use facility, new notes offerings to redeem 9 1/8% notes
By Jennifer Chiou
New York, Sept. 19 - Wesco International, Inc. announced plans to use borrowings under its credit facilities along with part of the proceeds of $275 million in new notes and convertibles to fund the redemption of its subsidiary's 9 1/8% notes.
The electrical supplies and equipment distributor will use the proceeds from Wesco Distribution's offerings of $150 million senior subordinated notes due 2017 and $125 million convertible senior debentures due 2025, which may have a $25 million over-allotment option, for the subsidiary's $199.7 million 9 1/8% senior subordinated notes due 2008.
Remaining proceeds will be used for Wesco Distribution's already announced acquisition of Carlton-Bates Co.
The proposed offerings are not conditional on each other or the acquisition.
Wesco is based in Pittsburgh.
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