TEXT-S&P rates WESCO Distribution's loan 'B+'
Nov 8 - Standard & Poor's Ratings Services today assigned its 'B+' issue-level rating and '5' recovery rating to WESCO Distribution Inc.'s proposed $605 million senior secured term loan and WDCC Enterprises Inc.'s proposed CAD$150 million senior secured term loan. The recovery rating of '5' reflects our expectation for modest recovery prospects (10%-30%) in the event of a payment default. WESCO Distribution and WDCC are wholly owned subsidiaries of WESCO International Inc. (WESCO, BB-/Positive/--). The companies will use the proceeds to fund WESCO's CAD$1.14 billion acquisition of EECOL Electric (not rated). The facilities are guaranteed by WESCO and, respectively for the U.S. dollar and Canadian dollar loans, by WESCO Distribution's U.S. subsidiaries and WDCC's and WESCO's existing Canadian subsidiaries, excluding certain unrestricted subsidiaries. The facilities are secured on a second-lien basis by the current assets of the companies and on a first-lien basis by other fixed assets. RELATED CRITERIA AND RESEARCH -- Research Update: WESCO International Inc. 'BB-' Rating Affirmed On Acquisition Announcement; Outlook Remains Positive, Oct. 18, 2012 -- Criteria Guidelines For Recovery Ratings On Global Industrials Issuers' Speculative-Grade Debt, Aug. 10 2009 RATINGS LIST WESCO International Inc. Corporate Credit Rating BB-/Positive/-- New Ratings WESCO Distribution Inc. $605 mil sr secd term loan due 2019 B+ Recovery Rating 5 WDCC Enterprises Inc. CAD$150 mil sr secd term loan due 2019 B+ Recovery Rating 5 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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