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Rexel to sell €400 million seven-year sustainability-linked notes; initial talk 5½%-5¾%
By Paul A. Harris
Portland, Ore., Sept. 5 – Rexel SA began marketing a €400 million offering of seven-year sustainability-linked senior notes (expected Ba1/confirmed BB+) on Tuesday, according to market sources.
Initial guidance has the notes coming to yield 5½% to 5¾%.
The deal is set to price on Wednesday.
The notes are subject to a first call in three years at par plus 50% of the coupon.
The notes feature two sustainability performance targets: a 45% reduction in scope 3 greenhouse gas emission intensity related to products sold by Dec. 31, 2025, from a 2016 baseline, and a 38% reduction in scope 1 and 2 greenhouse gas emissions by Dec. 31, 2025, from a 2016 baseline.
The notes are subject to a 25 basis points step-up in coupon and call premiums if the performance targets are not met.
Global coordinator and active bookrunner Credit Agricole CIB will bill and deliver. HSBC and SG CIB are also global coordinators and active bookrunners.
BofA, Barclays and Wells Fargo are joint bookrunners.
Danske and Standard Chartered are co-managers.
The Paris-based distributor of electrical, heating, lighting and plumbing equipment plans to use the proceeds for general corporate purposes, including financing for the acquisition of Wasco Group BV, a Netherlands-based supplier of HVAC equipment and services.
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