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S&P rates Wesco loans B+
Standard & Poor's said it assigned a B+ rating and 5 recovery rating to Wesco Distribution Inc.'s proposed $605 million senior secured term loan and WDCC Enterprises Inc.'s proposed C$150 million senior secured term loan.
The recovery rating of 5 indicates 10% to 30% payment in default.
Wesco Distribution and WDCC are wholly owned subsidiaries of Wesco International Inc.
The proceeds will be used to fund Wesco's C$1.14 billion acquisition of Eecol Electric, S&P said.
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, the agency said.
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