The London and Paris offices of Debevoise & Plimpton LLP is advising Rexel in the placement of €650 million of 3.5% senior notes due 2023.

The notes, callable at Rexel’s discretion as from June 2019, will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes. They are being offered exclusively to investors outside the United States and are expected to be listed on the Luxembourg Stock Exchange.

Proceeds of the issuance will be used to redeem all or part of the Rexel’s 5.125% senior € notes issued on April 3, 2013 due June 2020. Rexel will redeem the 2020 notes at a price of 103.844%, plus accrued and unpaid interest.

Rexel is a global leader in the distribution of products and services for the energy world. Headquartered in Paris, the company operates in 35 countries worldwide, and recorded sales of €13.5 billion in 2015.

Debevoise has previously advised Rexel on past note offerings raising over €3 billion, involving both € and US$ denominated notes.

The Debevoise team advising Rexel was led by London partners Raman Bet-Mansour and Pierre Maugüé, and included Paris based international counsel Philippe Tengelmann and associate Rosanne Lariven.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. The firm’s commercially savvy lawyers regularly lead strategic transactions and complex disputes for world-class clients.