Rexel talks upsized €650 million seven-year notes at 3 5/8% area; books closed

By Paul A. Harris

Portland, Ore., May 4 – Rexel SA talked an upsized €650 million offering of senior notes due 2023 to yield in the 3 5/8% area, according to a market source.

Initial yield guidance was in the high 3% context.

Books are closed, and the deal, which was upsized from €500 million, is set to price Wednesday.

BNP Paribas, Barclays and ING are the joint global coordinators and joint lead bookrunners. BayernLB, Credit Industriel et Commercial, SG CIB and Wells Fargo are the joint bookrunners.

BofA Merrill Lynch, Natixis and Standard Chartered are the co-lead managers.

The notes come with three years of call protection.

The Paris-based provider of electrical services and equipment plans to use the proceeds to redeem all or part of its 5 1/8% euro-denominated senior notes due June 2020 at 103.844.

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