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Debt








Debt structure

Net Debt

As of December 31, 2021, Rexel’s consolidated net debt stood at €1,551.2 million, as a result of €2,128.0 million gross debt minus €573.5 million cash and cash equivalents, and minus €3.3 million of other items.

(in millions of euros) Dec 31 2021 Dec 31 2020 Dec 31 2019 Dec 31 2018 Dec 31 2017
Senior notes 999.5 1,105.5 1,413.4 1456.2 1,446.6
Senior Credit Agreement
Securitization 905.0 818.4 952.9 1001.2 1,007.6
Commercial paper 125.5 50.0 50.0  40.0 41.7
Other debt & cash (478.8) (639.0) (470.4)  (467.0) (454.7)
Net financial debt 1,551.2 1,334.9 1,945.9  2,030.4 2,041.2

 

Financing maturity profile

 

 

Leverage ratio

On December 31, 2021, Rexel’s leverage ratio* stood at 1.37x.

Financing Instruments as of December 31, 2021

Commercial paper

Date of  implementation Size of the program
(in millions of currency)
Outstanding amount
(in millions of currency)
Documentation
September 2010 EUR 300.0 EUR 125.5 Documentation 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, 2025

 

 

Senior Notes

Nominal amount
(in millions)
Maturity Coupon Rating ISIN 1st call date
Moody’s / S&P Regulation S 144A
EUR 400.0
(download)
Jun 15, 2028  2.125%  Ba3 / BB- XS2332306344  N/A Jun 15, 2024
EUR 600.0
(download)
Dec 15, 2028 2.125%  Ba3 / BB- XS2403428472 N/A Dec 15, 2024

Listing: Luxembourg Stock Exchange – Euro MTF market

 

Sustainability-Linked Bond

  Sustainability-Linked Bond Framework Second Party Opinion on Rexel’s Sustainability-Linked Bond Framework

Independent practitioner’s limited assurance report on the 2016 baseline

October 2021
April 2021

Redemption of Senior Notes

Download the 2.75% EUR Senior Notes due 2026 full redemption price notice – ISIN code: Reg S XS1958300375

PDF99 KB

Download

Download the 2.125% EUR Senior Notes due 2025 full redemption price notice – ISIN code: Reg S XS1716833352

PDF103 KB

Download

Download the 2.125% EUR Senior Notes due 2025 partial redemption price notice – ISIN code: Reg S XS1716833352

PDF168 KB

Download

Download the 2.625% EUR Senior Notes due 2024 full redemption price notice – ISIN code: Reg S XS1574686264

PDF324 KB

Download

Download the 2.625% EUR Senior Notes due 2024 conditional full redemption notice – ISIN code: Reg S XS1574686264

PDF688 KB

Download

Download the 3.50% EUR Senior Notes due 2023 full redemption notice – ISIN code: Reg S XS1409506885

PDF137 KB

Download

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

 

Issuer Credit Ratings

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

 

Further information

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