By Paul A. Harris
Portland, Ore., March 20 - Rexel SA priced $500 million and €500 million of senior notes due June 15, 2020 (Ba3//BB) on Wednesday, according to a market source.
The 5¼% dollar-denominated notes priced at 99.981 to yield 5¼%. The yield printed at the tight end of 5¼% to 5½% yield talk.
The 5 1/8% euro-denominated notes priced at 99.982 to yield 5 1/8%. The yield printed at the tight end of yield talk in the 5¼% area. That talk had tightened from earlier talk of 5¼% to 5½%.
Global coordinator J.P. Morgan Securities LLC will bill and deliver for the dollar notes, while global coordinator BNP Paribas Securities Corp. 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 were 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.
Proceeds will be used to refinance the company's notes due 2016 and for general corporate purposes.
Paris-based Rexel is a producer of electrical products.
| Issuer: | Rexel SA
|
| Maturity: | June 15, 2020
|
| Securities: | Senior notes
|
| Global coordinators: | BNP Paribas, J.P. Morgan Securities LLC
|
| Joint lead bookrunners: | Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Natixis Securities North America Inc., SG Americas Securities LLC
|
| Co-lead managers: | BofA Merrill Lynch, Barclays, Credit Mutuel-CIC
|
| Co-managers: | Banco do Brasil, Bayerische Landesbank, Mediobanca
|
| Trade date: | March 20
|
| Settlement date: | April 3
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Brief roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $500 million
|
| Coupon: | 5¼%
|
| Price: | 99.981
|
| Yield: | 5¼%
|
| Spread: | 396 bps
|
| First call: | June 15, 2016 at 103.938
|
| Price talk: | 5¼% to 5½%
|
| Bill and deliver: | JPMorgan
|
|
|
| Euro-denominated notes
|
| Amount: | €500 million
|
| Coupon: | 5 1/8%
|
| Price: | 99.982
|
| Yield: | 5 1/8%
|
| Spread: | 443 bps
|
| First call: | June 15, 2016 at 103.844
|
| Price talk: | 5¼% area, revised from 5¼% to 5½%
|
| Bill and deliver: | BNP Paribas
|
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