WESCO Raises $300 Million in Convertible and High Yield Offerings -- Simpson Thacher Represents Initial Purchasers
Simpson Thacher recently represented the initial purchasers in connection with the sale of $150 million of 2.625% Convertible Senior Debentures due 2025 issued by WESCO International, Inc. and $150 million of 7.50% Senior Subordinated Notes due 2017 issued by WESCO International's subsidiary, WESCO Distribution, Inc. The Convertible Debentures were guaranteed by WESCO Distribution on a senior subordinated basis and the Senior Subordinated Notes were guaranteed by WESCO International on a senior basis. Lehman Brothers and Goldman Sachs were the joint book-runners for these unregistered offerings.
WESCO International is a Fortune 500 company that, together with its subsidiaries, is a leading North American provider of electrical construction products and electrical and industrial maintenance, repair and operating supplies. WESCO International had consolidated sales of approximately $3.7 billion in 2004.
The Simpson Thacher team working on this transaction included Vince Pagano, John Lobrano, Robyn Young, Keri Richardson (corporate), Marcy Geller, Jonathan Cantor and Diane Gipstein (tax).