SEC Form 8-K filed by WESCO International Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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| Item 8.01 | Other Events. |
WESCO International, Inc. (the “Company”) has provided notice of its intent to redeem all of its outstanding 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), and the related depositary shares, each representing 1/1,000th of one share of Series A Preferred Stock (NYSE: WCC PR A - CUSIP No.: 95082P 303) (the “Depositary Shares”). Pursuant to the provisions of the Company’s Certificate of Designations of the Series A Preferred Stock, the Company is undertaking actions to redeem all of the 21,611.471 outstanding shares of Series A Preferred Stock, represented by 21,611,471 Depositary Shares, on June 22, 2025 (the “Redemption Date”).
The Series A Preferred Stock and corresponding Depositary Shares will be redeemed at a redemption price of $25,597.65625 per share of Series A Preferred Stock, or $25.59765625 per Depositary Share (the “Redemption Price”) (i.e., the sum of $25,000 per share of Series A Preferred Stock plus accrued and unpaid dividends of $597.65625 per share of Series A Preferred Stock to, but excluding, the Redemption Date, or $25.00 per Depositary Share plus accrued and unpaid dividends of $0.59765625 per Depositary Share to, but excluding, the Redemption Date).
Payment of the Redemption Price shall be made on or after June 22, 2025 as soon as practicable upon presentation and surrender of receipts evidencing Depositary Shares to Computershare Inc. and Computershare Trust Company, N.A. at one of the following addresses:
By Mail:
Attn: Corporations Actions
P.O. Box 43014
Providence, RI 02940-3014
By Overnight Delivery:
Attn: Corporate Actions
150 Royall Street
Canton, MA 02021
Holders who hold their Depositary Shares in book-entry form will be issued checks automatically and are not required to present and surrender receipts evidencing Depositary Shares.
From and after the Redemption Date, dividends shall cease to accrue on the shares of Series A Preferred Stock that are redeemed, shares of Series A Preferred Stock and corresponding Depositary Shares being redeemed shall no longer be deemed to be outstanding, and all rights of the holders of such shares shall forthwith cease and terminate, except the right of the holders thereof to receive, from the funds so set aside in trust, from and after such date, the Redemption Price, without interest.
The Company expects to record a gain of approximately $30 million to net income attributable to holders of common stock in the second quarter of 2025 as a result of the redemption of the Series A Preferred Stock.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WESCO International, Inc. | ||||||
| (Registrant) | ||||||
| Date: April 30, 2025 | By: | /s/ David S. Schulz | ||||
| Name: | David S. Schulz | |||||
| Title: | Executive Vice President and Chief Financial Officer | |||||