New Issue: Rexel prices €500 million seven-year notes at 99.993 to yield 7%

By Paul A. Harris

Portland, Ore., May 24 - French electrical equipment company Rexel SA priced a €500 million issue of 7% seven-year senior notes (Ba3/BB-/BB-) at 99.993 to yield 7% on Tuesday, according to an informed source.

The yield printed on top of the price talk.

BNP Paribas, HSBC and SG CIB were the joint global coordinators and joint bookrunners. Credit Agricole CIB, ING and Natixis Bleichroeder were also joint bookrunners.

The Paris-based company plans to use the proceeds to enhance its financial flexibility and extend its debt maturity profile.

Issuer:	Rexel SA
Amount:	€500 million
Maturity:	Dec. 17, 2018
Securities:	Senior notes
Joint global coordinators:	BNP Paribas, HSBC, SG CIB
Joint bookrunners:	BNP, HSBC, SG, Credit Agricole CIB, ING, Natixis Bleichroeder
Co-lead managers:	Bayern LB, Bank of America Merrill Lynch, CM-CIC, Royal Bank of Scotland
Coupon:	7%
Price:	99.993
Yield:	7%
Spread:	438 bps
Call protection:	Four years
Trade date:	May 24
Settlement date:	May 27
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
	Fitch: BB-
Distribution:	Regulation S only
Price talk:	7%
Marketing:	Quick to market

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