S&P gives Wesco convertibles B

Standard & Poor's said it assigned its B rating to Wesco International Inc.'s proposed $250 million convertible senior unsecured notes 2026.

The agency said that the notes will be issued under SEC Rule 144A with registration rights and proceeds from the offering will be used to help finance Wesco's acquisition of Communications Supply Holdings Inc. for $525 million.

The agency added that it affirmed its BB- corporate credit rating on the company. The outlook is stable.

S&P said that the speculative-grade ratings on Wesco reflect its somewhat aggressive financial policies, which more than offset the company's satisfactory business-risk profile as a leading distributor of electrical construction products, maintenance, repair and operating supplies and integrated supply and outsourcing services.

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