11/03/2021 Rexel SA (RXLFP) EUR600m Reg S only sustainability-linked sr notes due 12/15/28 (7y). NC3 (MWC T+50bp), then (if both SPTs are met) at 101.063, 100.531, 100 (if one or both SPTs are not met 101.188, 100.594, 100). Equity claw: 3y 40% at 102.125. Ba3/BB- (stable/positive). Via BNP (B&D)/CIC/ING jt glocos and active books/Bayern LB/BBVA/Commerz/Natixis jt books, Danske, StanChart co-lead managers. List Lux. NY law. KPIs: SPT 1. 23% reduction in scope 3 GHG emissions intensity from the use of products sold by 2023, from a 2016 baseline; SPT. 23.7% reduction in scope 1 & 2 GHG emissions by 2023, from a 2016 baseline. Sustainability-linked step-up: +25bps unless both SPTs are met; the call price will also increase accordingly. Settles 11/10 (T+5). ISIN: XS2403428427. Px talk: 2.25% area. Priced: 2.125% at 100. +249bp vs DBR 0.0% 11/15/28. Did investor call at 10am UKT 11/02. Books closed at 10am UKT 11/03. UOP: redeem its EUR600m 2.75% sr notes due 06/15/26 (MWC B+50bp). Biz: global distributors of low and ultra-low voltage electrical products. HQ: Paris, France,