Wesco Receives $429M For Debt Exchange Offerings

PITTSBURGH (AP) — 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.