By Paul A. Harris
Portland, Ore., May 4 – Rexel SA priced an upsized €650 million issue of seven-year senior notes (Ba3/expected BB-/expected BB) at par to yield 3½% on Wednesday, according to a market source.
The issue size was increased from €500 million.
The yield printed at the tight end of yield talk in the 3 5/8% area. Initial yield guidance was in the high 3% context.
Joint global coordinator and joint lead bookrunner BNP Paribas will bill and deliver. Barclays and ING were also joint global coordinators and joint lead bookrunners.
BayernLB, Credit Industriel et Commercial, SG CIB and Wells Fargo were the joint bookrunners.
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.
| Issuer: | Rexel
|
| Amount: | €650 million, increased from €500 million
|
| Maturity: | June 15, 2023
|
| Securities: | Senior notes
|
| Global coordinators: | BNP Paribas (bill and deliver), Barclays, ING
|
| Bookrunners: | Bayern LB, Credit Industriel et Commercial, SG CIB, Wells Fargo
|
| Co-lead managers: | BofA Merrill Lynch, Natixis, Standard Chartered
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Spread: | 365 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until June 15, 2019, then callable at 101.75
|
| Trade date: | May 4
|
| Settlement date: | May 18
|
| Ratings: | Moody's: Ba3
|
| S&P: expected BB-
|
| Fitch: expected BB
|
| Distribution: | Regulation S only
|
| Price talk: | 3 5/8% area
|
| Marketing: | Quick to market
|
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