By Paul A. Harris
Portland, Ore., Feb. 26 – Paris-based Rexel SA priced a €600 million issue of seven-year senior notes (Ba3/BB-) at par to yield 2¾% on Tuesday, according to market sources.
The yield printed at the tight end of the 2¾% to 2 7/8% final yield talk, according to a buyside source, who added that the deal was well oversubscribed. Initial talk was in the low 3% area.
Joint global coordinator and joint lead bookrunner BNP Paribas will bill and deliver. Credit Industriel et Commercial SA and ING Bank NV, London Branch were also joint global coordinators and joint lead bookrunners.
BofA Securities, HSBC Bank plc, Natixis and SG CIB were joint bookrunners.
The electrical supplies distributor plans to use the proceeds, together with available cash, to redeem all or part of its 3½% senior euro notes due June 2023. That redemption is set to take place on or about March 19, 2019.
| Issuer: | Rexel SA
|
| Amount: | €600 million
|
| Maturity: | June 15, 2026
|
| Securities: | Senior notes
|
| Global coordinators: | BNP Paribas (bill and deliver), Credit Industriel et Commercial SA, ING Bank NV
|
| Bookrunners: | BofA Securities, HSBC Bank plc, Natixis, SG CIB
|
| Co-managers: | BayernLB, Commerz
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Spread: | 294 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until March 15, 2022, then callable at 101.375
|
| Equity clawback: | 40% at 102.75 until March 15, 2022
|
| Change-of-control put: | 101
|
| Trade date: | Feb. 26
|
| Settlement date: | March 12
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 2¾% to 2 7/8%
|
| Marketing: | Quick to market
|
© 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.
