New Issue: Rexel prices restructured €600 million 10-year notes at par to yield 9 3/8%

By Paul A. Harris

St. Louis, March 11 - Rexel SA priced a restructured €600 million issue of 10-year senior subordinated notes (Caa1/CCC+) at par to yield 9 3/8%, according to a syndicate source.

Price talk was 9¼% to 9½%.

The issuer dropped a planned U.S. dollar tranche.

JP Morgan had the physical books for the Rule 144A/Regulation S issue. HSBC, Merrill Lynch & Co., Morgan Stanley and Royal Bank of Scotland were joint bookrunners.

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

Issuer:	Rexel SA
Amount:	€600 million (U.S. dollar tranche dropped)
Maturity:	March 16, 2015
Security description:	Senior subordinated notes
Bookrunners:	JP Morgan (physical books), HSBC, Merrill Lynch & Co., Morgan Stanley, Royal Bank of Scotland (joint books)
Coupon:	9 3/8%
Price:	Par
Yield:	9 3/8%
Spread:	565 basis points
Call features:	Make-whole call at Bunds plus 50 basis points until March 15, 2010, then callable at 104.688, 103.125, 101.563 and par on and after March 16, 2013
Equity clawback:	Until March 16, 2005 for 35% at 109.375
Trade date:	March 11
Settlement date:	March 16
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Price talk:	9¼%-9½%

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