Moody’s rates Rexel notes Ba3

Moody's Investors Service said it affirmed Rexel SA's Ba2 corporate family rating, Ba2-PD probability of default rating, the Ba3 ratings on its existing senior unsecured notes and the NP short-term rating of its €500 million commercial paper program.

The agency also assigned a provisional Ba3 rating to Rexel's proposed €500 million senior unsecured notes due 2023.

The outlook is stable.

Proceeds from the new senior unsecured notes, together with cash on balance sheet of about €170 million, will be used to redeem Rexel's 5 1/8% €650 million senior unsecured notes due 2020 and related transaction expenses.

Moody’s said the provisional Ba3 rating assigned to the proposed notes reflects their pari passu ranking with all other unsecured indebtedness issued by Rexel and their unmitigated structural subordination to non-financial liabilities at the operating companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.