WireCo Reduces Debt with Onex Corp.'s Investment

October 12, 2016 - WireCo WorldGroup has confirmed its previously announced majority investment has been completed from an affiliate of private-equity firm Onex Corp. Funds managed by Paine & Partners LLC will retain a minority interest alongside WireCo management.

The $270 million equity investment from Onex was used to reduce WireCo's debt from approximately $835 million as of June 30, 2016, to approximately $600 million. As a result, annual interest expense is reduced by nearly $25 million.  WireCo received corporate debt rating upgrades from Moody's and S&P.