Rexel launches €300 million sustainability-linked notes due 2028

Chicago, April 26 – Rexel SA launched a new offering of €300 million of sustainability-linked notes due 2028 (Ba3), according to a press release.

The notes will be callable at the option of the issuer starting in June 2024.

The company is aiming under its sustainability-linked bond framework to reduce greenhouse gas emissions related to the consumption of products sold and also to reduce greenhouse gas emissions related to energy consumption in its operations by Dec. 31, 2023 utilizing a 2016 baseline.

Should Rexel not achieve its sustainability performance targets by June 15, 2024, which aims at around a 23% reduction on both parts, the interest rate will increase 25 basis points.

Proceeds from the notes will be used to redeem part of the company’s 2 1/8% senior notes due June 2025.

The notes will not be offered to investors in the United States.

Rexel serves the residential, commercial and industrial energy work through distribution of products and services. The company is based in Paris.

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