Fitch assigns BB to Rexel notes

Fitch Ratings said it assigned Rexel SA's planned dual-tranche $500 million and €500 million notes issue an expected senior unsecured rating of BB(EXP).

Fitch rates Rexel's long-term issuer default ratings at BB with a stable outlook. The short-term issuer default rating and commercial paper rating are both B.

Rexel will launch a dual euro/dollar tranche of senior unsecured notes maturing in 2020.

Simultaneously, Rexel will send a conditional make whole notice for the 2016 senior notes as it plans to buy back the notes provided that it can issue at least €500 million on the euro tranche.

The proposed bond refinancing, together with the refinancing of its existing €1.1 billion senior credit facilities by a single revolving credit facility of the same amount maturing in 2018 will allow Rexel to extend its average debt maturity profile by at least two and a half years while boosting liquidity, Fitch said.

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