New Issue: Rexel prices $100 million tap of 6 1/8% notes due 2019 at 100.75 to yield 5.96%

By Paul A. Harris

Portland, Ore., April 16 - France's Rexel SA priced a $100 million fungible add-on to its 6 1/8% senior notes due Dec. 15, 2019 (Ba2/BB/BB) at 100.75 on Monday, according to a syndicate source.

The reoffer price, which came at the rich end of the 100.5 to 100.75 price talk, renders a 5.96% yield to worst.

Bank of America Merrill Lynch, Barclays Capital Inc. and RBS Securities Inc. were the joint bookrunners for the quick-to-market add-on.

The Paris-based electrical equipment and services company plans to use the proceeds for general corporate purposes, including potential future acquisitions.

The original $400 million issue priced at par on March 21, 2012.

Issuer:	Rexel SA
Face amount:	$100 million
Proceeds:	$100.75 million
Maturity:	Dec. 15, 2019
Security description:	Fungible add-on to 6 1/8% senior notes due Dec. 15, 2019
Bookrunners:	Bank of America Merrill Lynch, Barclays Capital Inc., RBS Securities Inc.
Co-managers:	BNP Paribas, Credit Agricole CIB
Coupon:	6 1/8%
Price:	100.75
Yield to worst:	5.96%
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:	April 16
Settlement date:	April 23 with accrued interest
Ratings:	Moody's: Ba2
	Standard & Poor's: BB
	Fitch: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	100.5 to 100.75
Marketing:	Quick to market
Original issue:	$400 million issue priced at par on March 21, 2012
Total issue size:	$500 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.