by Stephen Carter
Sep 02, 2025 12:45 PM ET
Rexel SA (RXLFP) EUR400m Reg S only sr notes due 09/15/30 (5y). NC2 (09/15/27) (MWC B+50bp), then at 102.00 09/15/27, 101.00 09/15/28, 100 09/15/29. Equity claw: 2y 40% at 104. Ba1/BB+ (stable/stable). Via BNP (B&D)/CIC/Natixis jt glocos and physical books/ING/RBC jt books, Danske, DB co-lead managers. No reg rights. List Lux. NY law. CoC at 101 with ratings decline. Pays March 15 and Sept 15 starting 03/15/26. Denoms: 100kx1k. Settles 09/09 (T+5). ISIN: XS3146987543. IPT: 4.25% area. Price talk: 4.00% area (+/- 12.5bp) WPIR.
Priced: 4.00% at 100. +`169bp vs DBR 2.40% 11/15/30.
Roadshow (1-on-1s) 09/02 (investor call at 10:30am UKT 09/02). Books closed at 3:45pm UKT 09/02. UOP: GCP, including refinancing near term debt obligations (EUR267m CP and other short-term borrowings). Biz: a distributor of low and ultra-low voltage electrical products for professional clients in three markets: residential, nom-residential and industrial. HQ: Paris, France.
Deal Roadshow entry code: REXEL25; Evercall GIC registration link: https://evercall.co/OACC/02779.