By Wendy Van Sickle
Columbus, Ohio, April 27 – Rexel SA priced €300 million of 2 1/8% sustainability-linked notes due June 15, 2028 (Ba3/BB-), 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 were not offered to investors in the United States.
Rexel serves the residential, commercial and industrial energy market through distribution of products and services. The company is based in Paris.
| Issuer: | Rexel SA
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| Issue: | Sustainability-linked notes
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| Amount: | €300 million
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| Maturity: | June 15, 2028
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| Coupon: | 2 1/8%, 25 bps increase if issuer does not achieve sustainability targets by June 15, 2024
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| Call option: | Starting in June 2024
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| Pricing date: | April 27
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| Settlement date: | May 5
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| Ratings: | Moody’s Ba3
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| S&P: BB-
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