01—Abstract
Summary
Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.
WESCO International, Inc. (the "Company") has given notice of its intent to redeem all of its outstanding 10.625%a Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock and the related depositary shares.
The Company is redeeming all 21,611.471 outstanding shares of Series A Preferred Stock, represented by 21,611,471 Depositary Shares, on June 22, 2025 (the "Redemption Date"), trading on the NYSE under WCC PR A. The redemption price is $25,597.65625b per share of Series A Preferred Stock, or $25.59765625 per Depositary Share. This equals the $25,000 per share liquidation amount plus accrued and unpaid dividends of $597.65625 per share, or $25.00 plus $0.59765625 per Depositary Share, accrued to but excluding the Redemption Date.
Payment is made on or after June 22, 2025 upon surrender of depositary receipts to Computershare; book-entry holders receive checks automatically. Dividends cease to accrue from the Redemption Date.
The Company expects to record a gain of approximately $30 millionc to net income attributable to holders of common stock in the second quarter of 2025 from the redemption. For investors, the filing mainly signals the retirement of this preferred series and a one-time accounting benefit to common shareholders, rather than any change to operations.
02—Key points
Key Highlights
- WESCO will redeem all 21,611.471 outstanding shares of its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock on June 22, 2025.
- Redemption price is $25,597.65625 per preferred share, or $25.59765625 per Depositary Share, including accrued and unpaid dividends.
- Each Depositary Share represents 1/1,000th of one share of Series A Preferred Stock; 21,611,471 Depositary Shares are being redeemed.
- Accrued and unpaid dividends total $597.65625 per preferred share, or $0.59765625 per Depositary Share, to but excluding the Redemption Date.
- The Company expects to record a gain of approximately $30 million to net income attributable to holders of common stock in Q2 2025.
- Holders of record must surrender depositary receipts to Computershare; book-entry holders receive payment by check automatically.
- Dividends stop accruing on the redeemed shares from the Redemption Date, and the redeemed shares are no longer deemed outstanding.
03—Questions
Frequently Asked Questions
What is being redeemed and when?
WESCO is redeeming all 21,611.471 outstanding shares of its 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock, represented by 21,611,471 Depositary Shares, on June 22, 2025.
How much will holders receive?
Holders will receive $25,597.65625 per preferred share, or $25.59765625 per Depositary Share. This is the $25,000 per share liquidation amount plus accrued and unpaid dividends of $597.65625 per share through the Redemption Date.
What must holders do to get paid?
Holders of physical receipts must present and surrender them to Computershare at the addresses listed in the notice. Holders of Depositary Shares in book-entry form will be paid by check automatically and do not need to surrender anything.
What is the financial impact on WESCO?
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.
Do dividends continue after the Redemption Date?
No. From and after the Redemption Date, dividends cease to accrue on the redeemed shares, and holders' rights terminate except the right to receive the Redemption Price, without interest.
04—Continue