S&P rates Rexel notes BB-

S&P said it assigned its BB- issue rating and 5 recovery rating to the €600 million proposed senior unsecured notes due in 2026 to be issued by Rexel SA.

The 5 recovery rating indicates an expectation of modest recovery prospects (10%-30%; rounded estimate: 15%) for debtholders in the event of a payment default.

Rexel intends to use the proceeds of the proposed notes to redeem the existing €650 million senior unsecured notes maturing in 2023, S&P said in a news release.

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