PITTSBURGH, Pa. — WESCO International‘s wholly-owned subsidiary, WESCO Distribution, Inc. sold its offering of $350 million aggregate principal amount of senior notes due 2024. The notes were sold on June 15, 2016 in a private transaction exempt from the registration requirements of the Securities Act of 1933.
The notes bear interest at a rate of 5.375% per annum and will be payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2016. The notes mature on June 15, 2024. The notes are unsecured senior obligations of WESCO Distribution and are guaranteed on a senior unsecured basis by the company.
The company intends to use the net proceeds to repay its 6.0% Convertible Senior Debentures due 2029, which are redeemable on or after September 15, 2016. Until the 2029 Debentures are repaid, the company plans to use the net proceeds to temporarily reduce other debt facilities for which there are no prepayment penalties.
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