Wesco $150 million 12-year notes talked at 7 1/8%-7 3/8%, to price Thursday

By Paul A. Harris

St. Louis, Sept. 21 - Wesco Distribution Inc. talked its $150 million offering of 12-year senior subordinated notes at 7 1/8% to 7 3/8% on Wednesday, according to a syndicate source.

Pricing is expected Thursday afternoon.

Goldman Sachs & Co. and Lehman Brothers are joint bookrunners for the Rule 144A/Regulation S with registrations rights offering. Banc of America Securities LLC, Credit Suisse First Boston and UBS Investment Bank are co-managers.

Moody's Investors Service assigns its B2 rating to the notes. Standard & Poor's rates the notes B.

The company also plans to sell about $125 million of convertible senior debentures due 2025.

Proceeds, along with a borrowings from the company's credit facilities and cash on hand, will be used to redeem $199.7 million of Wesco Distribution's 9 1/8% senior subordinated notes due 2008 and to help finance Wesco Distribution's acquisition of Carlton-Bates Co.

Wesco is a Pittsburgh distributor of electrical construction products and electrical and industrial maintenance, repair and operating supplies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.