New Issue: Rexel prices €500 million 3¼% seven-year notes at 99.22 to yield 3 3/8%

By Paul A. Harris

Portland, Ore., May 20 – Rexel SA priced a €500 million issue of 3¼% seven-year senior notes (Ba3/BB/BB) at 99.22 to yield 3 3/8% on Wednesday, according to an informed source.

The yield printed at the tight end of the 3 3/8% to 3½% yield talk.

Credit Agricole CIB, HSBC and SG CIB were the joint global coordinators and joint lead bookrunners.

BofA Merrill Lynch, CM-CIC, ING and JPMorgan are joint bookrunners.

The Paris-based provider of electrical services and equipment plans to use the proceeds to redeem its dollar-denominated 6 1/8% senior notes due December 2019 and for general corporate purposes.

Issuer:	Rexel SA
Amount:	€500 million
Maturity:	June 15, 2022
Securities:	Senior notes
Joint global coordinators: Credit Agricole CIB, HSBC, SG CIB
Joint bookrunners:	BofA Merrill Lynch, CM-CIC, ING, JPMorgan
Co-lead managers:	Bayerische Landesbank, Natixis
Coupon:	3¼%
Price:	99.22
Yield:	3 3/8%
Spread:	306 bps
First call:	June 15, 2018 at 101.625
Trade date:	May 20
Settlement date:	May 27
Ratings:	Moody's: Ba3
	Standard & Poor's: BB
	Fitch: BB
Distribution:	Regulation S
Price talk:	3 3/8% to 3½%
Marketing:	Roadshow

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