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Debt


Debt structure

Net Debt

As of September 30, 2016, Rexel’s consolidated net debt stood at €2,511.0 million, as a result of €2,956.7 million gross debt minus €410.6 million cash and cash equivalents, and minus €35.1 million of other items.

(in millions of euros) Sept 30 2016 Dec 31 2015 Dec 31 2014 Dec 31 2013 Dec 31 2012
Senior notes 1,636.9 1,637.1 1,992.2 1,835.6 1,504.3
Senior Credit Agreement 25.9
Securitization 989.9 1,089.4 1,142.1 1,067.5 1,099.5
Commercial paper 171.5 134.6 85.9 119.1 114.8
Other debt & cash (287.3) (662.4) (1,007.1) (830.2) (145.3)
Net financial debt 2,511.0 2,198.7 2,213.1 2,192.0 2,599.2

Financing maturity profile

As of September 30, 2016

maturities_en

Leverage ratio

On June 30, 2016, Rexel’s leverage ratio* stood at 3.25x.

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

 

Financing Instruments as of September 30, 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 171.5 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, 2020

 

Senior Notes

Nominal amount
(en millions)
Maturity Coupon Rating ISIN 1st call date
Fitch / Moody’s / S&P Regulation S 144A
USD 500.0
(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