Rexel €600 million 10-year notes talked 9¼%-9½%, to price Friday

By Paul A. Harris

St. Louis, March 10 - Rexel SA, the Paris-based electrical equipment supplier, is talking its €600 million equivalent offering of 10-year senior subordinated notes (Caa1/CCC+) at 9¼% to 9½%, according to a market source.

Pricing is expected on Friday.

The notes will be non-callable for five years.

The notes will be sold in dollar and euro denominations, with tranche sizes remaining to be determined.

JP Morgan has the physical books. HSBC, Merrill Lynch & Co., Morgan Stanley and Royal Bank of Scotland are joint bookrunners.

Proceeds will be used to help fund the acquisition of the company by Clayton, Dubilier & Rice Inc. and others.

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