Melville, NY -- MSC Industrial Direct Co., Inc. today announced that its Board of Directors has declared a cash dividend of $0.30 per share. The $0.30 dividend is payable on April 30, 2013 to shareholders of record at the close of business on April 16, 2013.
This is the first dividend that MSC has declared since their acquisition announcement of Barnes Distribution in late February for $550 million.
The acquisition is expected to close during the Company's fiscal third quarter, subject to regulatory approvals and customary closing conditions, and will be financed using available cash and borrowings under an anticipated new credit facility and term loan structure. The acquisition is expected to be accretive to cash flow and earnings per diluted share ("EPS"), including synergies and excluding transaction and integration costs, by contributing an expected incremental EPS of $0.15-$0.20 and $0.30-$0.40 in fiscal years 2014 and 2015, respectively. The vast majority of transaction and integration costs will be incurred in fiscal years 2013 and 2014.
