Rexel to get €1.7 billion in new revolving credit facilities

By Sara Rosenberg

New York, Dec. 7 - Rexel plans to get a new €1.7 billion senior credit facility, according to a news release.

BNP Paribas, Calyon, CM-CIC, HSBC and Natixis are the mandated lead arrangers and bookrunners on the deal, with Calyon the agent. ING, the Royal Bank of Scotland, Societe Generale and Bank of America are also mandated lead arrangers.

The facility includes a €600 million three-year multi-currency revolver, which will reduce to €400 million after one year and to €200 million after two years.

In addition, there is a €1.1 billion five-year multi-currency revolver.

Financial covenants include a ratio of consolidated total net financial debt to consolidated adjusted EBITDA that declined from 5.15 times for the period ended Dec. 31 to 3.50 times for the period ended Dec. 31, 2012 and thereafter.

Proceeds from the new facility, along with €500 million of senior unsecured notes, will be used to refinance the company's existing senior credit facility.

Pricing on the revolvers is slightly lower than pricing in the existing senior credit agreement.

Completion of the new credit facility, which is expected before year-end, is conditional on completion of the notes.

Rexel is a Paris-based provider of electrical solutions and equipment.

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