Wesco receives $429 million for 2 debt exchange offers
By APMonday, August 24, 2009
Wesco receives $429M for debt exchange offerings
PITTSBURGH — Electrical and industrial supplier Wesco International Inc. said Monday it received tender offers valued at $429 million for previously announced debt exchange offerings.
The Pittsburgh company received tender offers of about $300 million for its outstanding 1.75 percent convertible senior debentures due 2026 and $129 million for 2.6 percent convertible senior debentures due 2025.
The company said it will issue about $345 million aggregate principal amount of a new 6 percent convertible senior debentures due 2029. It expects the settlement of the exchange offer to be Thursday.
The lead dealer managers for the exchange offer are Goldman, Sachs & Co. and Barclays Capital Inc.
Shares rose 8 cents, to $24.41 in afternoon trading.
