Rexel : New bond offering
Rexel announced this morning its intention to issue € 400m of senior unsecured bonds maturing in 2030, callable from September 2027 (5NC2). Proceeds from the issue will be used for general corporate purposes and will enable it to improve the financial structure by extending the maturity of its debt on favourable financing terms.The IPT was announced at 4.25% prior to a price talk at 4% (+/- 12.5bp), which remains attractive. The average yield on a BB+ five-year issue on the secondary market is 3.5%.
Rexel distributes low and ultra-low voltage electrical products to contractors, industrial and commercial customers (industrial and commercial companies, municipalities, public entities, parts manufacturers and panel builders). Its products are used for new installations, or maintenance & repair of existing installations. Its products covers Electrical Installation Equipment, Conduits and Cables, Lighting, Security & Communication, Climate Control, Tools, White & Brown Products. Co. also offers services to its customers, such as logistics & distribution, technical assistance & training. Co. operates mainly in four geographical areas: Europe, North America, Asia-Pacific and Latin America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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