AS NOTED BELOW IN THE COMMENTS FROM GRIDBIRD THIS ISSUE IS NOW TRADING UNDER TICKER WCC-A AND LAST PRICED AT $27.10 NOW ON ALMOST 200,000 SHARES.
WE FIND NO RATING ON THE NEW ISSUE, BUT WESCO WAS RATED BB- BY STANDARD AND POORS AND ANIXTER WAS RATED BB. MOODYS RATES WESCO B1
Supply house WESCO International (WCC) will be issuing a new issue of $25 preferred stock in connection with the company’s acquisition of Anixter International (AXE). These shares were issued directly to Anixter shareholders as partial consideration in the merger.
These cumulative shares will be fixed-rate reset with a giant initial coupon of 10.625%.
The coupon will reset every 5 years at the 5 year treasury plus a spread of 10.325%
Dividends will be paid on the last day of March, June, September and December being 9/30/2020.
Additional information is shown here in the Depository Agreement.
NOTE–while we see the shares are registered to trade on the NYSE we don’t know all of the details as of this moment.
I will post more detail as I dig through the merger agreement documents.
MCG WAS ON THIS ONE EARLY TODAY