Successful placement of the €300 million notes offering


Rexel, a global leader in the professional distribution of products and services for the energy world, has successfully placed €300 million of its 2.625% unsecured senior notes due 2024 (the ”Notes”).

The delivery and settlement and the listing of the notes on the Euro MTF market of the Luxembourg Stock Exchange are expected to occur on or about March 13, 2017.

The Notes, which mature on June 15, 2024, will be callable as from March 2020. They will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes. The Notes are expected to obtain the following ratings: Ba3 by Moody’s (while Rexel’s corporate rating is Ba2 with a stable outlook), BB- by S&P (while Rexel’s corporate rating is BB with a stable outlook) and BB by Fitch (in line with Rexel’s corporate rating with a stable outlook).

Rexel will use the proceeds of the issuance of the Notes, together with some available cash, to redeem all of the 5.250% senior US$ notes due June 2020 (the “2020 Notes”) of which US$330,000,000 remain outstanding. Rexel expects to redeem the 2020 Notes on or about June 15, 2017. Rexel can elect not to redeem the 2020 Notes if it does not issue the Notes or if there is a material adverse change in financial markets.

This issuance will allow Rexel to enhance its financial structure by extending its debt maturity profile and reducing its overall cost of financing.

BNP Paribas and Crédit Agricole Corporate and Investment Bank acted as Joint Global Coordinators, and as Joint Lead Bookrunners for the offering. Merrill Lynch International, HSBC Bank plc and Natixis acted as Joint Bookrunners, and Banco Bilbao Vizcaya Argentaria, S.A., Crédit Industriel et Commercial S.A. and Société Générale acted as Co-Lead Managers.

Patrick BERARD, Chief Executive Officer, said:

“The success of this new seven-year note issuance confirms investor confidence in Rexel’s business model and strategy. It will allow us to refinance the 5.250% notes issued in 2013 at a significantly lower cost.

This operation constitutes a further step in our continuous efforts to strengthen our balance sheet and reduce our cost of financing.”

This document is not an offer of securities for sale nor the solicitation of an offer to purchase securities in France, in the United States or any other jurisdiction.

The securities described herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The securities described herein have not been and will not be registered under Securities Act and Rexel does not intend to make a public offer of its securities in the United States.

The offer and sale of the Notes in France will be carried out through a private placement in accordance with article L.411-2 of the French Financial and Monetary Code and other applicable laws and regulations. There will be no public offering in France.

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