NEW YORK, Oct. 5, 2019 /PRNewswire/ -- Notice is hereby given that Monteverde & Associates PC has filed an amended complaint lawsuit in the United States District Court for the Southern District of New York, Case No. 1:19-cv-08528, on behalf of public common shareholders of Wesco Aircraft Holdings, Inc., ("Wesco" or the "Company") (Nasdaq: WAIR) who held Wesco securities as of the record date on September 9, 2019 (the "Class Period"), and have been harmed by Wesco's and its board of directors' (the "Board) alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in regarding its acquisition by indirect subsidiaries of funds managed and advised by Platinum Equity Advisors, LLC ("Platinum"). The complaint alleges that the Merger Consideration is inadequate and that the Proxy Statement provided shareholders with materially incomplete and misleading information about the Company's financials and the Merger, in violation of Sections 14(a) and 20(a) of the Exchange Act.
Moody's Investors Service ("Moody's") downgraded its ratings for Wesco Aircraft Holdings, Inc. (New) ("Wesco"), including the company's corporate family rating (CFR, to Caa1 from B3) and probability of default rating (to Caa1-PD from B3-PD), as well as the ratings for its senior secured notes (to Caa1 from B3) and senior unsecured notes (to Caa3 from Caa2). The ratings outlook is negative.
Wesco Aircraft Holdings Inc. (WAIR), one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced that the expected acquisition of the company by an affiliate of Platinum Equity has been completed in a transaction valued at approximately $1.9 billion. At closing, Wesco Aircraft was combined with Platinum Equity portfolio company Pattonair, a provider of supply chain management services for the aerospace and defense industries based in the United Kingdom. The combined company, which will be headquartered in Valencia following closing, becomes a $2.4 billion business with a global footprint in 17 countries and more than 4,000 employees.
Wesco Aircraft Holdings Inc. (WAIR), one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced that Wesco Aircraft stockholders voted to approve the proposed merger with an affiliate of Platinum Equity at the company’s special meeting of stockholders held earlier today. Approximately 89.9 percent of Wesco Aircraft’s issued and outstanding shares were present at the meeting in person or by proxy. Approximately 99.9 percent of the shares present, representing 89.8 percent of Wesco Aircraft’s issued and outstanding shares, voted to approve the proposed merger, pursuant to which Wesco Aircraft would become a subsidiary of an affiliate of Platinum Equity.
VALENCIA, Calif., Nov. 25, 2019 -- Wesco Aircraft Holdings, Inc. (NYSE: WAIR), one of the world's leading distributors and providers of comprehensive supply chain management.
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Moody's Investors Service ("Moody's") assigned a B3 Corporate Family Rating ("CFR") and a B3-PD Probability of Default Rating to Wesco Aircraft Holdings, Inc. (New) ("Wesco"). Concurrently, Moody's assigned B3 ratings to the new $600 million senior secured term loan and the new $1.0 billion senior secured notes and assigned a Caa2 rating to the new $575 million senior unsecured notes. Upon close of the transaction, Wesco will be combined with Platinum portfolio company Pattonair ("Pioneer Holding LLC") (B3, Stable), a provider of supply chain management solutions to the aerospace and defense industries.
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Moody's Investors Service ("Moody's") assigned a B3 Corporate Family Rating ("CFR") and a B3-PD Probability of Default Rating to Wesco Aircraft Holdings, Inc. (New) ("Wesco"). Concurrently, Moody's assigned B3 ratings to the new $600 million senior secured term loan and the new $1.0 billion senior secured notes and assigned a Caa2 rating to the new $575 million senior unsecured notes. Upon close of the transaction, Wesco will be combined with Platinum portfolio company Pattonair ("Pioneer Holding LLC") (B3, Stable), a provider of supply chain management solutions to the aerospace and defense industries.