WESCO International, Inc. Announces Renewal of Accounts Receivable Securitization Financing
PITTSBURGH, April 14 /PRNewswire-FirstCall/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical MRO products, construction materials and advanced integrated supply procurement outsourcing services, today announced that it and certain wholly-owned subsidiaries have entered into an amendment and restatement of its existing Accounts Receivable Securitization program that effectively renewed the program for an additional three years. A consortium of six banks provided the $400 million of funding under the arrangement that will mature in April 2012 and is priced with a credit spread of 3.00% over commercial paper or LIBOR.
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Stephen A. Van Oss, WESCO's Senior Vice President and Chief Financial and Administrative Officer stated, "We are very pleased to have this attractively priced, multi-year financing in place. There was strong support for this facility as we received commitments in excess of our targeted level of $400 million. Our liquidity is strong and our capital structure is well positioned for the future."
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. 2008 annual sales were approximately $6.1 billion. The Company employs approximately 7,200 people, maintains relationships with over 24,000 suppliers, and serves more than 110,000 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 400 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, 2008, as well as the Company's other reports filed with the Securities and Exchange Commission.
SOURCE WESCO International, Inc.
CONTACT: Stephen A. Van Oss, Senior Vice President and Chief Financial and Administrative Officer of WESCO International, Inc.
, +1-412-454-2271, Fax, +1-412-454-2477
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Web Site: http://www.wesco.com