New Issue: Rexel prices €75 million add-on to 8¼% notes due December 2016 at 102.3332 to yield 7¾%

By Paul A. Harris

St. Louis, Jan. 8 - Rexel priced a €75 million add-on to its 8¼% senior notes due Dec. 15, 2016 (B1/B+/BB-) at 102.3332 to yield 7¾% on Friday, according to an informed source.

The yield printed on top of price talk.

Calyon Securities, RBS Securities and Bank of America Merrill Lynch were the coordinators for the Regulation S only add-on. The other bookrunners were BNP Paribas, HSBC and Natixis Bleichroeder.

Proceeds will be used to repay bank debt.

Rexel is a Paris-based manufacturer of low-voltage electrical products.

Issuer:	Rexel
Face amount:	€75 million
Proceeds:	€76.75 million (approximate)
Maturity:	Dec. 15, 2016
Security description:	Add-on to the 8¼% senior notes
Coordinators:	Calyon Securities, RBS Securities, Bank of America Merrill Lynch
Other bookrunners:	BNP Paribas, HSBC, Natixis Bleichroeder
Coupon:	8¼%
Price:	102.3332
Yield:	7¾%
Spread:	490 bps
Call features:	Make-whole at Bunds plus 50 bps until Dec.15, 2013, then callable at 104.125, 102.063, par on and after Dec. 15, 2015
Equity clawback:	35% at 108.25% until Dec. 15, 2012
Trade date:	Jan. 8
Settlement date:	Jan. 20 with accrued interest
Ratings:	Moody's: B1
	Standard & Poor's: B+
	Fitch: BB-
Distribution:	Regulation S only
Price talk:	7¾% area
Original issue:	€575 million priced at par on Dec. 11, 2009
Total issue size:	€650 million

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