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Debt


Debt structure

Net Debt

As of March 31, 2018, Rexel’s consolidated net debt stood at € 2,183.9 million, as a result of of €2,595.2 million gross debt minus €394.3 million cash and cash equivalents, and minus €17.0 million of other items.

(in millions of euros) Mar 31 2018 Dec 31 2017 Dec 31 2016 Dec 31 2015 Dec 31 2014
Senior notes 1446,1 1,446.6 1,480.9 1,637.1 1,992.2
Senior Credit Agreement
Securitization 907,7 1,007.6 1,086.0 1,089.4 1,142.1
Commercial paper 89,7 41.7 131.7 134.6 85.9
Other debt & cash (259,6) (454.7) (526.0) (662.4) (1,007.1)
Net financial debt 2,183.9  2,041.2 2,172.6 2,198.7 2,213.1

 

Financing maturity profile

 

 

Leverage ratio

On December 31, 2017, Rexel’s leverage ratio* stood at 2.84x.

 

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

 

Financing Instruments as of March 31, 2018

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 89.7 B / NP / B Dossier de Présentation Financière*
(download)

*French version only

Senior Credit Agreement

 

Maximum Amount
(in millions equivalent euros)
Drawn amount Maturity
EUR 850.0 EUR 0.0 January 31, 2023

Senior Notes

Nominal amount
(en millions)
Maturity Coupon Rating ISIN 1st call date
Fitch / Moody’s / S&P Regulation S 144A
EUR 650.0
(download)
June 15, 2023 3.50% BB / Ba3 / BB- XS1409506885 N/A June 15, 2019
EUR 300.0
(download)
Jun 15, 2024 2.625% BB / Ba3 / BB- XS1574686264 N/A Mar 15, 2020
EUR 500.0
(download)
Jun 15, 2025 2.125% BB / Ba3 / BB- XS1716833352 N/A Dec 15, 2020

Listing : Luxembourg Stock Exchange – Euro MTF market

 

Redemption of Senior Notes

Download the 3.25% EUR Senior Notes due 2022 full redemption notice – ISIN code: Reg S XS1238996018

PDF159 KB

Download

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

PDF305 KB

Download

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