A&O Shearman advises on Rexel’s EUR400 million convertible bond issuance (OCEANEs)

The offering, conducted by way of a public offer exclusively to qualified investors, will enable Rexel to optimize its financing costs and diversify its funding sources in support of its growth strategy. The net proceeds of the issuance will be used for the Group’s general corporate purposes.

The bonds, with a denomination of EUR100,000 each, bear interest at a fixed annual rate of 1%, payable semi-annually from November 13, 2026, and will be redeemed at par at maturity on May 13, 2031, unless previously converted, exchanged or redeemed.

The bonds were issued at par, with settlement and delivery taking place on May 13, 2026.

The A&O Shearman team was led by Paris partner Olivier Thébault, assisted by senior associate Jade Billère-Mellet, and associate Bénédicte Cheyrou-Lagrèze on M&A and ECM aspects. U.S. securities law advice was provided by Paris partner Diana Billik and London-based senior associate Maggie Casteel. Tax advice was provided by partner Mathieu Vignon, assisted by senior associate Virginie Chatté.