Rexel launches €500 million notes offering
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Rexel announced today that it intends to offer €500 million of senior unsecured notes due 2023 (the “Notes”). The Notes, callable at Rexel’s discretion as from June 2019, will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes.
Proceeds of the issuance of the Notes will be used to redeem all or part of the Rexel’s 5.125% senior € notes issued on April 3, 2013 due June 2020 (the “2020 Notes”). Rexel will redeem the 2020 Notes at a price of 103.844%, plus accrued and unpaid interest. Rexel can elect not to redeem the 2020 Notes if it does not issue the Notes or if there is a material change in financial markets.
The Notes will be offered exclusively to investors outside the United States and are expected to be listed on the Luxembourg Stock Exchange (Euro MTF).
Rexel expects the Notes to be rated by Moody’s, Fitch and Standard & Poor’s. Ratings announcements are expected to be released shortly by the respective rating agencies.
This issuance will allow Rexel to enhance its financial structure by extending its debt maturity profile and reducing its overall cost of financing.
BNP Paribas, Barclays Bank plc and ING Bank N.V. will act as Joint Global Coordinators, and as Joint Lead Bookrunners. BayernLB, Crédit Industriel et Commercial, Société Générale Corporate and Investment Banking and Wells Fargo Securities will act as Joint Bookrunners for the Notes offering. Bank of America Merrill Lynch, Natixis and Standard Chartered will act as Co-Lead Managers.
This document is not an offer of securities for sale nor the solicitation of an offer to purchase securities in France, in the United States or any other jurisdiction.
The securities described herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The securities described herein have not been and will not be registered under Securities Act and Rexel does not intend to make a public offer of its securities in the United States.
The offer and sale of the Notes in France will be carried out through a private placement in accordance with article L.411-2 of the French Financial and Monetary Code and other applicable laws and regulations. There will be no public offering in France.