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Debt


Debt structure

Net Debt

As of December 31, 2016, Rexel’s consolidated net debt stood at €2,172.6 million, as a result of €2,805.1 million gross debt minus €619.3 million cash and cash equivalents, and minus €13.2 million of other items.

(in millions of euros) Dec 31 2016 Dec 31 2015 Dec 31 2014 Dec 31 2013 Dec 31 2012
Senior notes 1,480.9 1,637.1 1,992.2 1,835.6 1,504.3
Senior Credit Agreement 25.9
Securitization 1 086.0 1,089.4 1,142.1 1,067.5 1,099.5
Commercial paper 131.7 134.6 85.9 119.1 114.8
Other debt & cash (526.0) (662.4) (1,007.1) (830.2) (145.3)
Net financial debt 2,172.6 2,198.7 2,213.1 2,192.0 2,599.2

Financing maturity profile

Leverage ratio

On December 31, 2016, Rexel’s leverage ratio* stood at 3.04x.

*Net debt / EBITDA as calculated under the terms of the senior credit agreement

 

Financing Instruments as of December 31, 2016

Commercial paper

Date of  implementation Size of the program
(in millions of currency)
Outstanding amount
(in millions of currency)
Rating
Fitch/Moody’s/S&P
Documentation
September 2010 EUR 500.0 EUR 131.7 B / NP / B Dossier de Présentation Financière*
(download)

*French version only

Senior Credit Agreement

Maximum Amount
(in millions equivalent euros)
Drawn amount Maturity
EUR 982.0 EUR 0.0 EUR 72 November 13, 2019
EUR 910 on November 12, 2021

Senior Notes

Nominal amount
(en millions)
Maturity Coupon Rating ISIN 1st call date
Fitch / Moody’s / S&P Regulation S 144A
USD 330.0
(download)
June 15, 2020 5.25% BB / Ba3 / BB- USF75549AC34 US761679AC37 June 15, 2016
EUR 500.0
(download)
June 15, 2022 3.25% BB / Ba3 / BB- XS1238996018 N/A June 15, 2018
EUR 650.0
(download)
June 15, 2023 3.50% BB / Ba3 / BB- XS1409506885 N/A June 15, 2019

Listing : Luxembourg Stock Exchange – Euro MTF market

 

Redemption of Senior Notes

Download the 5.25% USD Senior Notes due 2020 partial redemption price notice – ISIN code: Reg S USF75549AC34 - Rule 144A US761679AC37

PDF267 KB

Download

Download the 5.125% EUR Senior Notes due 2020 redemption price notice – ISIN code: Reg S XS0908821639 - Rule 144A XS0908821985

PDF422 KB

Download

Download the 6.125% USD Senior Notes due 2019 redemption price notice – ISIN code: Reg S USF75549AA77 - Rule 144A US761679AA70

PDF278 KB

Download

Download the 7% EUR Senior Notes due 2018 redemption price notice – ISIN code: Reg S XS0629656496

PDF90 KB

Download

Download the 8.25% EUR Senior Notes due 2016 redemption price notice – ISIN code: Reg S XS0473749959

PDF74 KB

Download

 

Credit Ratings

Agencies Long term rating Short term rating Outlook
Fitch BB B Stable
Moody’s Ba2 NP Stable
Standard & Poor’s BB B Stable

 

Further information

Quarterly financial documentation
Half-year financial documentation
Annual financial documentation
Financial press releases
Investors page