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

Rexel has announced a €400 million issuance of convertible bonds (OCEANEs) maturing in 2031, targeting qualified investors. The bonds offer a fixed annual interest rate between 1.25% and 1.75%, with conversion or exchange options into new or existing shares, and a conversion premium of 30-35%. Proceeds will support the company's general needs, with bonds redeemable early under certain conditions. This move allows Rexel to raise capital while offering investors potential equity upside, with the bonds expected to be listed on Euronext Access Paris shortly after issuance.