PITTSBURGH, Sept. 16 /PRNewswire-FirstCall/ -- WESCO International, Inc. (NYSE: WCC), today announced that it is notifying holders of its 2.625% Convertible Senior Debentures due 2025 (the "Debentures") that they have an option to require WESCO to repurchase, on October 15, 2010, all or a portion of their Debentures at par plus any accrued and unpaid interest (the "Option"). The outstanding principal amount of the Debentures is $92,327,000. Under the terms of the Debentures, WESCO will pay the repurchase price in cash.
Later today, WESCO will file a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission. In addition, WESCO's company notice to holders (a copy of which will be attached as an exhibit to such Schedule TO) specifying the terms, conditions and procedures for exercising the Option, will be available through The Depository Trust Company and the paying agent, which is The Bank of New York Mellon. Each holder must make an independent decision regarding whether to exercise the Option, and WESCO makes no recommendation in this regard.
The opportunity of holders of Debentures to exercise the Option will commence at 9:00 a.m., New York City time, on September 16, 2010, and will terminate at 5:00 p.m., New York City time, on October 14, 2010. To exercise, a holder must give notice in accordance with the terms of the Option, and a holder may withdraw an exercise notice prior to 5:00 p.m., New York City time, on October 14, 2010.
The address of The Bank of New York Mellon is Corporate Trust Operations, Reorganization Unit, 101 Barclay Street — 7 East, New York, New York 10286, Attention: David Mauer, Phone: 212-815-3687, Fax: 212-298-1915.
This press release is for informational purposes only and is not an offer to purchase, or the solicitation of an offer to purchase, the Debentures.
WESCO International, Inc. (NYSE: WCC) is a publicly traded Fortune 500 holding company, headquartered in Pittsburgh, Pennsylvania, whose primary operating entity is WESCO Distribution, Inc. WESCO Distribution is a leading distributor of electrical construction products and electrical and industrial maintenance, repair and operating (MRO) supplies, and is the nation's largest provider of integrated supply services. 2009 annual sales were approximately $4.6 billion. The Company employs approximately 6,100 people, maintains relationships with over 17,000 suppliers, and serves over 100,000 customers worldwide. Major markets include commercial and industrial firms, contractors, government agencies, educational institutions, telecommunications businesses and utilities. WESCO operates seven fully automated distribution centers and approximately 380 full-service branches in North America and select international markets, providing a local presence for area customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, as well as the Company's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.