Commentary & Deal Flow

Rexel SA (RXLFP) EUR400m Reg S only sustainability-linked sr notes due 09/15/30 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Ba1/BB+ (stable/stable). Via CA (B&D)/HSBC/SocGen jt active books and glocos/BofA/Barc/WFS jt books, Danske, StanChart as co-lead managers. No reg rights. List Lux. NY law. Settles T+5. ISIN: XS2655993033. IPT: 5.50%-5.75%. Px talk: 5.375% area (+/-12.5bp).

Final terms: EUR400m at 5.25% yield.

SPTs: 1. a 45% reduction in greenhouse gas emissions related to the use of products sold, per euro of turnover (scope 3) by December 31, 2025 from a 2016 baseline; 2. a 38% reduction in greenhouse gas emissions related to energy consumption in its operations (scope 1 and 2) by December 31, 2025 from a 2016 baseline. Observation date: 12/31/2025. S-L step-up: +25bp (unless both SPTs are met); corresponding increase in call prices. 2nd party opinion provider: Moody's.

Roadshow yesterday (investor call at 9:45am UKT yesterday, 1x1 calls were available). Books closed at 12:30pm UKT today. Pricing today UK afternoon. UOP: GCP, including the financing of the acquisition of Wasco. Biz: a worldwide expert in the multichannel professional distribution of products and services for the energy world, addresses three main markets: residential, commercial, and industrial. The Group supports its residential, commercial, and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production, and maintenance. HQ: Paris, France. (Acquisition announced 05/30/2023 and closed on 09/01/2023).