By Paul A. Harris
St. Louis, Dec. 11 - Rexel priced an upsized €575 million issue seven-year senior unsecured notes (B1/B+/BB-) at par to yield 8¼% on Friday, according to a market source.
The yield printed on top of price talk.
Calyon Securities, RBS Securities Inc. and Bank of America Merrill Lynch were global coordinators and bookrunners for the issue, which was upsized from €500 million.
BNP Paribas, HSBC and Natixis Bleichroeder were joint bookrunners.
Proceeds will be used to refinance existing debt.
Rexel is a Paris-based manufacturer of low-voltage electrical products.
| Issuer: | Rexel
|
| Amount: | €575 million, increased from €500 million
|
| Maturity: | Dec. 15, 2016
|
| Securities: | Senior unsecured notes
|
| Global coordinators/bookrunners: | Calyon Securities, RBS Securities Inc., Bank of America Merrill Lynch
|
| Joint bookrunners: | BNP Paribas, HSBC, Natixis Bleichroeder
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 553
|
| Call protection: | Make-whole call at Bunds plus 50 bps until Dec. 15, 2013, then callable at a premium
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Distribution: | Regulation S only
|
| Price talk: | 8¼% area
|
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