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S&P rates Wesco notes, convertibles B
Standard & Poor's said it assigned its B subordinated debt rating to Wesco Distribution Inc.'s proposed $150 million senior subordinated note offering due 2017. At the same time, S&P assigned its BB- corporate credit rating to Wesco International Inc., which owns Wesco Distribution, and assigned a B rating to Wesco International's proposed $125 million senior unsecured convertible note offering due 2025.
Concurrently, S&P said it affirmed its ratings, including the BB- corporate credit rating, on Wesco Distribution.
The outlook is stable.
Proceeds from the debt offerings are expected to be used to repurchase Wesco's $200 million 9.125% subordinated notes due 2008 and to help finance its acquisition of Carlton-Bates Co. (unrated).
S&P said the speculative-grade ratings on Wesco reflect its aggressive financial profile, which tempers the satisfactory business risk profile the company enjoys as a leading distributor of electrical construction products; maintenance, repair, and operating supplies; and integrated supply and outsourcing services.
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