Rexel plans to sell $500 million and €500 million seven-year senior notes to yield 5¼%-5½%

By Paul A. Harris

Portland, Ore., March 19 - Rexel SA talked both tranches of its $500 million and €500 million offering of senior notes due June 15, 2020 (Ba3//BB) to yield 5¼% to 5½%, a market source said on Tuesday.

Books were scheduled to close at the end of the day on Tuesday for accounts in the United States and are scheduled to close at 3 p.m. GMT/9 a.m. ET on Wednesday for Europe-based accounts.

The deal is set to price thereafter.

J.P. Morgan Securities LLC is the global coordinator and will bill and deliver for the dollar notes, while BNP Paribas Securities Corp. is a global coordinator and will bill and deliver for the euro notes.

Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Natixis Securities North America Inc. and SG Americas Securities LLC are the joint lead bookrunners.

BofA Merrill Lynch, Barclays and Credit Mutuel-CIC are joint bookrunners, while Banco do Brasil, Bayerische Landesbank and Mediobanca are co-lead managers for the Rule 144A and Regulation S for life deal.

The notes will be callable in 3¼ years at par plus 75% of the coupon.

Proceeds will be used to refinance the company's notes due 2016 and for general corporate purposes.

Rexel is a Paris-based producer of electrical products.

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