Rexel tightens talk on €500 million seven-year notes to 5¼% area

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., March 20 - Rexel SA has tightened talk for its proposed €500 million senior notes due June 15, 2020 (Ba3/BB) to 5¼%, according to a market source.

Talk was tightened from the area of 5¼% to 5½%. Talk for the $500 million dollar tranche remains unchanged at 5¼% to 5½%.

Books close at 9 a.m. ET, with pricing expected Wednesday.

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 are 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.

Paris-based Rexel is a producer of electrical products.

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