S&P gives BB+ to Rexel notes

S&P said it assigned BB+ issue-level and 4 recovery ratings to the €400 million of planned senior unsecured notes, due in 2030, to be sold by Rexel SA. The 4 recovery rating indicates average recovery prospects (30%-50%; rounded estimate: 40%) in default.

The ratings are the same as S&P’s ratings on Rexel’s outstanding senior unsecured debt.

Rexel intends to use the proceeds for general operation purposes, including the Wasco acquisition.

The outlook is stable.

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