Debevoise & Plimpton LLP has advised Rexel in the placement of €300 million of 2.625% senior notes due 2024.

The notes, callable at Rexel’s discretion from March 2020, 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 will be listed on the Luxembourg Stock Exchange.

Proceeds of the issuance, together with some available cash, will be used to redeem all of the 5.250% senior US$ notes due June 2020, of which $330 million remain outstanding. This issuance will allow Rexel to enhance its financial structure by extending its debt maturity profile and reducing its overall cost of financing.

Rexel is a global leader in the distribution of products and services for the energy world. Headquartered in Paris, the company operates through a network of some 2,000 branches in 32 countries, with more than 27,000 employees. The group’s sales were €13.2 billion in 2016.

Debevoise has previously advised Rexel on past note offerings raising over €4 billion, involving both € and US$ denominated notes.

The Debevoise team advising Rexel was led by partner Raman Bet-Mansour, and included international counsel Philippe Tengelmann and associate Rosanne Lariven. Tax advice was provided by international counsel Eric Bérengier.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.