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WESCO International, Inc. (NYSE: WCC) ("WESCO International") announced today the early results of the previously announced tender offers (each, an "Offer" and together, the "Offers") by WESCO Distribution, Inc. ("WESCO") to purchase for cash any and all of Anixter Inc.'s ("Anixter") outstanding (i) 5.50% Senior Notes due 2023 (the "2023 Notes") and (ii) 6.00% Senior Notes due 2025 (the "2025 Notes" and, together with the 2023 Notes, the "Notes," each such series of the Notes, a "Series"). In connection with the Offers, WESCO announced the early results of its consent solicitations with respect to each Series of Notes (the "Offer Consent Solicitations") to amend the applicable indenture establishing the 2023 Notes and 2025 Notes (each, the "Indenture," and together, the "Indentures"). For any Notes of a Series that a Holder (as defined below) tendered or will tender in either Offer, the Holder is deemed to have delivered consents ("Offer Exit Consents") to amend the applicable Indenture to, among other things, eliminate substantially all of the restrictive covenants, eliminate certain "Events of Default" and eliminate any requirement to make a change of control offer or restrictions in the Indenture that limit Anixter International (as defined below) or Anixter from consolidating with or merging with or into any other person or selling or conveying all or substantially all of its properties and assets to any person, in each case in the applicable Indenture (as further described in the Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase")) (the "Offer Exit Proposed Amendments").
WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, today announced it received approval from Mexico on April 30, 2020 for its planned merger with Anixter International. Notification of the Merger was filed in Mexico on February 10, 2020. Receipt of this approval satisfies one of the conditions to the closing of the proposed transaction, which remains subject to regulatory clearance from Canada. The parties have also filed notifications seeking approval under the antitrust laws of Chile, but the receipt of approval in Chile is not a condition to the closing of the merger. Approval or clearance has previously been received under the antitrust laws of the United States, Russia and Turkey. The parties expect to complete the merger in the second or third calendar quarter of 2020.
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Anixter International Inc. (NYSE: AXE) today announced its results for the first quarter of 2020.
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Moody's Investors Service (Moody's) has maintained Anixter Inc.'s ratings under review for downgrade due to the potential redemption by WESCO International, Inc. of substantially all of the outstanding 5.5% $350 million senior unsecured notes due 2023 and 6% $250 million senior unsecured notes due 2025 of Anixter. The redemption is conditioned on the closing of WESCO's upcoming acquisition of Anixter.
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WESCO International, Inc. (NYSE: WCC) ("WESCO International"), announced today that its wholly-owned subsidiary, WESCO Distribution, Inc. ("WESCO"), has launched offers (each, an "Offer" and together, the "Offers") to purchase for cash any and all of Anixter Inc.'s ("Anixter") outstanding (i) 5.50% Senior Notes due 2023 (the "2023 Notes"), $350,000,000 aggregate principal amount, and (ii) 6.00% Senior Notes due 2025 (the "2025 Notes" and, together with the 2023 Notes, the "Notes," each such series of the Notes, a "Series"), $250,000,000 aggregate principal amount. In connection with the Offers, WESCO is soliciting consents with respect to each Series of Notes (the "Offer Consent Solicitations") to amend the applicable indenture establishing the 2023 Notes and 2025 Notes (each, the "Indenture," and together, the "Indentures"). For any Notes of a Series that a Holder tenders in either Offer, the Holder will be deemed to have delivered (i) consents ("Offer Exit Consents") to, among other things, eliminate substantially all of the restrictive covenants, to eliminate certain "Events of Default" and to eliminate any requirement to make a change of control offer, in each case in the applicable Indenture (as set forth in the Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase")) (the "Offer Exit Proposed Amendments") and (ii) consents ("Offer Change of Control Consents") to the Change of Control Proposed Amendments (as defined below).
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Anixter Inc. announces consent solicitations related to Anixter Inc.’s 5.50% Senior Notes due 2023 and 6.00% Senior Notes due 2025
WESCO International (WCC) plans to offer senior unsecured notes with different maturities, subject to market conditions and other factors.
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WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, today provided an update regarding its previously announced merger with Anixter International Inc. (NYSE: AXE), and announced that it will hold its first quarter earnings conference call on April 30, 2020.
ANIXTER INTERNATIONAL INC. ANNOUNCES CHANGE OF LOCATION OF SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON APRIL 9, 2020
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Anixter International (AXE) delivered earnings and revenue surprises of -13.51% and -3.96%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
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Anixter International Inc. (NYSE: AXE) will release first quarter 2020 results on Tuesday, April 28, 2020, before the opening of the New York Stock Exchange.
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WILMINGTON, Del., March 16, 2020 -- Rigrodsky & Long, P.A. announces that it has filed a class action complaint in the United States District Court for the District of.
Anixter Stockholders Approve Merger with WESCO
NEW YORK, NY / ACCESSWIRE / March 6, 2020 / Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York ...
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Moody's Investors Service (Moody's) downgraded WESCO International, Inc.'s ("WESCO") Corporate Family Rating (CFR) to B1 from Ba3, Probability of Default Rating to B1-PD from Ba3-PD, and Speculative Grade Liquidity Rating to SGL-2 from SGL-1. Moody's also downgraded the rating on the company's senior unsecured notes at WESCO Distribution, Inc. to B2 from B1 The outlook was revised to stable, from ratings under review. Concurrently, Moody's assigned a B2 rating to the company's proposed $2.825 billion in new senior unsecured notes, issued in various 5 and 8 year tranches.
Anixter Inc. announces expiration and final results of its consent solicitations related to its 5.50% Senior Notes due 2023 & 6.00% Senior Notes due