04/27/2021 Rexel SA (RXLFP) EUR300m Reg S only sustainability-linked sr notes due 06/15/28 (7y). NC3 (06/15/24) (MWC B+50bp), then at 101.063, 100.531, 100. Equity claw: 3y 40% at 102.125. Ba3/BB- (stable/stable). Via CA (B&D)/HSBC/SG jt glocos/Barc/WFS jt books, BBVA, Natixis co-lead managers. List Lux. NY law. SPTs: 1. 23% reduction in Scope 3 GHG emissions intensity from the use of products sold by 2023, from a 2016 baseline; 2. 23.7% reduction in Scope 1 & 2 GHG emissions by 2023, from a 2016 baseline. S-L coupon step-up: +25bps unless both SPTs are met; the call price will also increase accordingly. Settles 05/05 (T+5). Reg S ISIN: XS2332306344. IPT: mid 2s. Px talk: 2.25%-2.50%. Final px: 2.125%. Priced: 2.125% at 100. +261bp vs DBR 0.50% 02/15/28. Did investor call at 10:30am UKT yesterday, 1x1 calls available yesterday-today. Books closed at 12:30pm UKT 04/27. Reconfirms were due by 1pm UKT 04/27. Book size over EUR2bn. UOP: along with cash on hand to redeem EUR300m of its EUR500m 2.125% sr notes due 06/15/25 at 101.063 on 05/12. Biz: global distributors of low and ultra-low voltage electrical products. HQ: Paris, France