New Issue: France's Rexel upsizes to $400 million, sells 7.75-year notes at par to yield 6 1/8%

By Paul A. Harris

Portland, Ore., March 21 - French electrical equipment and services company Rexel SA priced an upsized $400 million issue of 7.75-year senior notes (Ba2/BB/BB) at par to yield 6 1/8% on Wednesday, according to a syndicate source.

The yield printed at the tight end of yield talk that had been set in the 6¼% area.

Bank of America Merrill Lynch, Barclays Capital Inc. and RBS Securities Inc. were the joint global coordinators and joint physical bookrunners for the issue, which was upsized from $300 million.

The Paris-based company plans to use the proceeds for general corporate purposes, including funding of potential future acquisitions.

Issuer:	Rexel SA
Amount:	$400 million, increased from $300 million
Maturity:	Dec. 15, 2019
Securities:	Senior notes
Joint global coordinators:	Bank of America Merrill Lynch, Barclays Capital Inc., RBS Securities Inc.
Physical bookrunners:	Bank of America Merrill Lynch, Barclays Capital, RBS Securities
Co-lead managers:	BNP Paribas Securities Corp., Credit Agricole CIB
Coupon:	6 1/8%
Price:	Par
Yield:	6 1/8%
Spread:	428 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 15, 2015, then callable at 103.063, 101.531, par on and after Dec.15, 2017
Equity clawback:	35% at 106.125 until June 15, 2015
Trade date:	March 21
Settlement date:	March 28
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
	Fitch: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6¼% area
Marketing:	Roadshow

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