PITTSBURGH, Feb. 25,
2025 /PRNewswire/ -- WESCO International, Inc. (NYSE:
WCC) ("Wesco"), a leading provider of business-to-business
distribution, logistics services, and supply chain solutions, today
announced that its wholly owned subsidiary, WESCO Distribution,
Inc. ("Wesco Distribution"), priced its previously announced
offering (the "Offering") to eligible purchasers of $800 million aggregate principal amount of 6.375%
senior notes due 2033 (the "Notes"). The aggregate principal amount
of the Notes to be issued in the Offering has been increased from
the previously announced $600 million
to $800 million. The Notes will be
issued at a price of 100.000% of the aggregate principal amount
thereof. The issuance and sale of the Notes is scheduled to settle
on March 6, 2025, subject to
customary closing conditions.
Wesco estimates that the net proceeds from the Offering will be
approximately $789.5 million, after
deducting the initial purchasers' discount and estimated offering
expenses. Wesco intends to use the net proceeds from this Offering
to redeem all of its outstanding 10.625% Series A Fixed-Rate Reset
Cumulative Perpetual Preferred Stock (the "Series A Preferred
Stock") and all of the related depositary shares representing
fractional interests in the Series A Preferred Stock (the "Series A
Depositary Shares") on June 22, 2025,
and repay a portion of the amounts outstanding under its
asset-based revolving credit facility (the "ABL Facility"). Prior
to such redemption, Wesco intends to use the net proceeds from this
Offering to repay a portion of the outstanding borrowings under its
accounts receivable securitization facility and the ABL
Facility.
The Notes will be unsecured, unsubordinated debt obligations of
Wesco Distribution, and will rank equally with Wesco Distribution's
other existing and future unsecured, unsubordinated obligations.
The Notes will be guaranteed on an unsecured, unsubordinated basis
by Wesco and its wholly owned subsidiary, Anixter Inc. (the
"Guarantees").
The Notes and related Guarantees are being offered only to
qualified institutional buyers under Rule 144A of the Securities
Act of 1933, as amended (the "Securities Act"), and to non-U.S.
persons in transactions outside the
United States under Regulation S of the Securities Act. The
Notes have not been, and will not be, registered under the
Securities Act and may not be offered or sold in the United States absent registration or an
applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and other
applicable securities laws.
This press release does not and will not constitute an offer to
sell, or the solicitation of an offer to buy, the Notes or any
other securities, nor will there be any sale of the Notes or other
securities, in any state or other jurisdiction in which such offer,
sale or solicitation would be unlawful. Any offer will be made only
by means of a private offering memorandum. This press release does
not constitute a notice of redemption with respect to the Series A
Preferred Stock and the related Series A Depositary Shares.
About Wesco
Wesco International (NYSE:
WCC) builds, connects, powers and protects the world. Headquartered
in Pittsburgh, Pennsylvania, Wesco
is a FORTUNE 500® company with approximately $22 billion in annual sales in 2024 and a leading
provider of business-to-business distribution, logistics services
and supply chain solutions. Wesco offers a best-in-class product
and services portfolio of Electrical and Electronic Solutions,
Communications and Security Solutions, and Utility and Broadband
Solutions. The Company employs approximately 20,000 people,
partners with the industry's premier suppliers, and serves
thousands of customers around the world. With millions of products,
end-to-end supply chain services, and leading digital capabilities,
Wesco provides innovative solutions to meet customer needs across
commercial and industrial businesses, contractors, educational
institutions, government agencies, technology companies,
telecommunications providers, and utilities. Wesco operates more
than 700 sites, including distribution centers, fulfillment
centers, and sales offices in approximately 50 countries, providing
a local presence for customers and a global network to serve
multi-location businesses and global corporations.
Forward-Looking Statements
All statements made
herein that are not historical facts should be considered as
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially. These forward-looking
statements include, but are not limited to, statements regarding
the proposed terms of the Offering, the timing of the Offering and
the anticipated use of proceeds therefrom, including the redemption
of the Series A Preferred Stock and the related Series A Depositary
Shares. Such statements can generally be identified by the use of
words such as "anticipate," "plan," "believe," "estimate,"
"intend," "expect," "project" and similar words, phrases or
expressions or future or conditional verbs such as "could," "may,"
"should," "will" and "would," although not all forward-looking
statements contain such words. These forward-looking statements are
based on current expectations and beliefs of Wesco's management, as
well as assumptions made by, and information currently available
to, Wesco's management, current market trends and market conditions
and involve various risks and uncertainties, some of which are
beyond Wesco's and Wesco's management's control, and which may
cause actual results to differ materially from those contained in
forward-looking statements. Wesco's actual results could differ
materially from those expressed in any forward-looking statement
made by Wesco or on Wesco's behalf. In light of these risks and
uncertainties, there can be no assurance that the forward-looking
information will in fact prove to be accurate. Accordingly, you
should not place undue reliance on such statements. Wesco has
undertaken no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Those risks, uncertainties and assumptions include whether Wesco
will be able to consummate the Offering, including the satisfaction
of customary closing conditions with respect to the Offering of the
Notes. Additional factors that could cause results to differ
materially from those described above can be found in Wesco's
Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and Wesco's other reports filed
with the U.S. Securities and Exchange Commission.
Contact Information:
Investor Relations
Will Ruthrauff
Director, Investor Relations
484-885-5648
Corporate Communications
Jennifer Sniderman
Vice President, Corporate Communications
717-579-6603
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SOURCE Wesco International
