Rexel raises 400 million euros via convertible bond issuance
The global leader in the multichannel professional distribution of energy products and services has announced the successful placement of bonds convertible into new shares and/or exchangeable for existing shares (OCEANE) maturing in 2031, for a total nominal amount of 400 million euros.
The transaction, reserved for qualified investors, will enable the group to optimize its financing costs and diversify its funding sources to support its development strategy. The net proceeds from the issuance will be used for general corporate purposes.
The bonds, with a par value of 100,000 euros each, will carry a fixed annual coupon of 1%, payable semi-annually starting November 13, 2026.
The initial conversion price has been set at 50.314 euros, representing a conversion premium of 35% over the reference price of Rexel shares on Euronext Paris.
The bonds will be issued at par, with settlement and delivery scheduled for May 13, 2026, and a maturity date of May 13, 2031.
Prior to maturity, the bonds may be subject to early redemption at the option of the company or the holders, under certain conditions set forth in the terms and conditions of the issuance.
Rexel is the world's leading professional distributor of electrical equipment. Present in 17 countries, the Group offers electrical products and solutions to professionals for buildings and for residential, industrial, and tertiary infrastructures, through a multi-brand network of 1,876 outlets. The products and solutions marketed by the group are in response to demands for electrical equipment, lighting, security, climate control, communication, industrial automation, and energy savings. Net sales break down by market as follows:
- tertiary (50%): malls, sports facilities, hospitals, airports, etc.;
- industry (26%): system integrators, production site builders and equipment producers;
- residential (24%): comfort, security, and home automation.
Net sales are distributed geographically as follows: France (19.3%), Germany/Austria/Switzerland (11.3%), Belgium/Luxembourg/Netherlands (8%), the United Kingdom and Ireland (4.9%), Europe (4.9%), the United States (38%), North America (7.9%) and Asia/Pacific (5.7%).
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