Rexel launches €400M convertible bonds due 2031 to fund general corporate purposes

Rexel has announced a public offering of €400 million senior unsecured bonds due in 2031, convertible into new or existing shares. The bonds will pay a fixed coupon between 1.25% and 1.75% annually and are aimed at qualified investors. Proceeds will be used for general corporate purposes, with bonds convertible or exchangeable starting 41 days after issuance until shortly before maturity. The offering excludes retail investors and certain countries, with potential dilution estimated at 2.7% if all bonds convert to new shares.