WESCO International Announces Redemption of 1.75% Convertible Senior Debentures due 2026
WESCO International, Inc. (NYSE: WCC) today announced that it will redeem all of its outstanding 1.75% Convertible Senior Debentures due 2026 on January 3, 2012. Upon redemption, WESCO will pay to the registered holders of the Debentures a redemption price of 100% of the principal amount outstanding, plus accrued and unpaid interest to, but excluding, the Redemption Date, for a total of $1,002.3333 per $1,000 principal amount of Debentures. The aggregate principal amount of Debentures currently outstanding is $56,000. Payment of the redemption price and accrued interest shall be made through normal DTC procedures.
Upon compliance with the terms and conditions of the Debentures, the Debentures may be surrendered for conversion at any time prior to 5:00 p.m., New York City time, on December 28, 2011. The conversion rate in effect as of November 30, 2011 is 11.3437 shares of WESCO's common stock per $1,000 principal amount of Debentures. WESCO intends to use available funds to redeem any and all unconverted Debentures.
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