Successful placement of the €500 million and USD500 million of notes
Rexel has placed €500 million of its 5.125% senior notes due 2020 and USD500 million of its 5.250% senior notes due 2020.
The notes will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes.
The proceeds of the issuance will be used to redeem Rexel’s 8.25% senior notes due 2016 and for general corporate purposes. Rexel will redeem its 8.25% notes at their applicable make-whole redemption premium, plus accrued and unpaid interest.
Settlement and delivery is expected to take place by early April 2013.
This issuance, together with the refinancing of its previous senior credit facility with a new € 1.1bn senior credit facility, will allow Rexel to enhance its financial flexibility by extending its debt maturity profile and reducing its cost of financing.