Rexel successfully places a sustainability-linked notes offering for a nominal amount of €400 million
Rexel, a worldwide expert in the multichannel professional distribution of products and services for the energy world, has successfully placed €400 million of its 5.250% unsecured senior sustainability-linked notes due 2030 (the “Notes”).
The delivery and settlement as well as the listing of the notes on the Euro MTF market of the Luxembourg Stock Exchange are expected to occur on or around September 13, 2023.
The Notes, which mature on September 15, 2030, will be callable as from September 2026. They will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes. The Notes are expected to obtain the following ratings: Ba1 by Moody’s (while Rexel’s corporate rating is Ba1 with a stable outlook) and BB+ by S&P (while Rexel’s corporate rating is BB+ with a stable outlook).
Rexel published yesterday its new Sustainability-Linked Financing Framework (the “Framework”) which covers debt instruments whose financial characteristics are linked with sustainability performance targets.
The Framework has been established in accordance with the Sustainability-Linked Bond Principles (SLBP) administered by ICMA and reviewed by Moody’s Investors Service, which provided a Second Party Opinion (“SPO”) on September 5, 2023. Both the Framework and the SPO are available on the Company’s website:
“B2B distributors like Rexel have a key role to play in the adoption of greener products and solutions, especially when it comes to electrification technologies. This new issuance of sustainability linked notes confirms that ESG is at the heart of our strategy, setting short term milestones on the way to achieving our 2030 goals on greenhouse gas emissions. With this issuance, all our outstanding bonds are now linked to sustainability targets. This transaction also allows us to strengthen our balance sheet by extending the maturity of our debt at attractive financial conditions, putting us in the best conditions to pursue our ambitious development strategy.”
Guillaume Texier, CEO of Rexel