Successful placement of the euro notes issue of €500 million
Rexel, global leader in the distribution of electrical supplies, has successfully issued €500 million of senior unsecured notes due 2018.
This offering took place on Tuesday, May 24, 2011. The issuance price has been fixed at 99,993% and the yearly interest rate has been set at 7%, payable on a semi-annual basis.
The order book reached more than €1.8 billion, demonstrating the confidence that investors have in the Group’s strategy and financial outlook.
The notes are guaranteed by certain subsidiaries of Rexel. The notes are rated in line with Rexel’s corporate rating: Ba3 (Moody’s), BB- (S&P), BB- (Fitch).
The delivery and settlement and the listing of the notes on the Euro MTF market of the Luxembourg Stock Exchange will occur on May 27, 2011.
BNP Paribas, HSBC and Société Générale Corporate & Investment Banking acted as Joint Global Coordinators and Joint Bookrunners for the Notes offering. Crédit Agricole CIB, ING and Natixis acted as Joint Bookrunners. Bayern LB, BofA Merrill Lynch, CM-CIC and The Royal Bank of Scotland acted as Co-Lead Managers.
This new issuance, in addition to the €650 million 8.25% notes due 2016 issued in December 2009 and January 2010, allows Rexel to continue to improve its financial flexibility and extend its debt maturity profile.