Rexel Initiates €400 Million Convertible Bond Offering Due 2031

Rexel, a global leader in multi-channel distribution for the energy sector, announced the launch of senior unsecured bonds due in 2031. These bonds, amounting to €400 million, offer conversion into new shares and/or exchanges for existing shares. The offering targets exclusively qualified investors, bypassing retail participation.

The bonds are expected to carry a fixed annual coupon between 1.25% and 1.75%, payable semi-annually, starting November 2026. The conversion price, initially set between 30% and 35% above Rexel's share price on Euronext Paris, provides investors flexibility through conversion or exchange options, exercisable up to 2031.

The proceeds are intended for general corporate purposes. The bonds allow for early redemption under specific conditions. Potential dilution could impact around 2.7% of the current share capital.