Wesco Distribution, a wholly-owned operating subsidiary of Wesco International, has amended its accounts receivable securitization facility.
The accounts receivable facility amendment will now have an accordion feature to allow increases of up to $100 million in the aggregate. The issuer said it had not immediately made changes to the current aggregate commitment amount, which is still at $450 million.
The interest rate spread and commitment fee are reduced from 1.75% to 1.10% and from 0.75% to 0.55%, respectively.
"The new amended accounts receivable facility provide long-term, low cost access to bank funded capital," said Richard Heyse, WESCO's vice president and chief financial officer. "These facilities support our strategy of maintaining ample liquidity to fund our working capital requirements, growth initiatives and future acquisitions. In addition, the facilities further strengthen our efficient, low cost, capital structure."
Wesco International is a provider of electrical, industrial, and communications maintenance, repair and operating and original equipment manufacturers products, construction materials, and advanced supply chain management and logistics services.