Debt
Debt structure
Net Debt
As of December 31, 2024, Rexel’s consolidated net debt stood at €2,483.9 million, as a result of €3,220.9 million gross debt minus €883.3 million cash and cash equivalents, and plus €146.3 million of other items.
| (in millions of euros) | Dec 31 2024 | Dec 31 2023 | Dec 31 2022 | Dec 31 2021 | Dec 31 2020 |
| Senior notes | 1,378.8 | 1,370.1 | 953.2 | 999.5 | 1,105.5 |
| Schuldschein | 200.0 | – | – | – | – |
| Senior Credit Agreement | 80.0 | 50.0 | – | – | – |
| Securitization | 1,3361.1 | 1,183.5 | 1,183.5 | 905.0 | 818.4 |
| Medium Term Notes | 60.6 | 49.9 | – | – | – |
| Commercial paper | 34.8 | 34.9 | 45.0 | 125.5 | 50.0 |
| Other debt & cash | (597.7) | (726.9) | (723.3) | (478.8) | (639.0) |
| Net financial debt | 2,483.9 | 1,961.5 | 1,458.4 | 1,551.2 | 1,334.9 |
Financing maturity profile
Leverage ratio
On December 31, 2024, Rexel’s leverage ratio* stood at 1.83x.
Financing Instruments as of December 31, 2024
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 35.0 | Documentation Financière* (download) |
*French version only
Neu MTN
| Date of implementation | Size of the program (in millions of currency) |
Outstanding amount (in millions of currency) |
Documentation |
| June 2022 | EUR 100.0 | EUR 60.0 | Documentation Financière** (download) |
**French version only
Senior Credit Agreement*
| Maximum Amount (in million euros) |
Drawn amount | Maturity |
| EUR 700.0 | EUR 0.0 | January 23, 2029 |
* Senior Credit Agreement extended to 23 January 2030 in January 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% | Ba1 / BB+ | XS2332306344 | N/A | Jun 15, 2024 |
| EUR 600.0 (download) |
Dec 15, 2028 | 2.125% | Ba1 / BB+ | XS2403428472 | N/A | Dec 15, 2024 |
|
Sept 15, 2030 |
5.25% |
Ba1 / BB+ |
XS2655993033 |
N/A |
Sept 15, 2026 |
|
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 |
Independent practitioner’s limited assurance report on the 2023 figures |
Target Satisfaction Notice |
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| October 2021 |  |
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| April 2021 | |
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| September 2023 | |
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Redemption of Senior Notes
Download the 2.75% EUR Senior Notes due 2026 full redemption price notice – ISIN code: Reg S XS1958300375
PDF — 99 KB
DownloadDownload the 2.125% EUR Senior Notes due 2025 full redemption price notice – ISIN code: Reg S XS1716833352
PDF — 103 KB
DownloadDownload the 2.125% EUR Senior Notes due 2025 partial redemption price notice – ISIN code: Reg S XS1716833352
PDF — 168 KB
DownloadDownload the 2.625% EUR Senior Notes due 2024 full redemption price notice – ISIN code: Reg S XS1574686264
PDF — 324 KB
DownloadDownload the 2.625% EUR Senior Notes due 2024 conditional full redemption notice – ISIN code: Reg S XS1574686264
PDF — 688 KB
DownloadDownload the 3.50% EUR Senior Notes due 2023 full redemption notice – ISIN code: Reg S XS1409506885
PDF — 137 KB
DownloadDownload the 3.25% EUR Senior Notes due 2022 full redemption notice – ISIN code: Reg S XS1238996018
PDF — 159 KB
DownloadDownload the 5.25% USD Senior Notes due 2020 full redemption price notice – ISIN code: Reg S USF75549AC34 - Rule 144A US761679AC37
PDF — 305 KB
DownloadDownload the 5.25% USD Senior Notes due 2020 partial redemption price notice – ISIN code: Reg S USF75549AC34 - Rule 144A US761679AC37
PDF — 267 KB
DownloadDownload the 5.125% EUR Senior Notes due 2020 redemption price notice – ISIN code: Reg S XS0908821639 - Rule 144A XS0908821985
PDF — 422 KB
DownloadDownload the 6.125% USD Senior Notes due 2019 redemption price notice – ISIN code: Reg S USF75549AA77 - Rule 144A US761679AA70
PDF — 278 KB
DownloadDownload the 7% EUR Senior Notes due 2018 redemption price notice – ISIN code: Reg S XS0629656496
PDF — 90 KB
DownloadDownload the 8.25% EUR Senior Notes due 2016 redemption price notice – ISIN code: Reg S XS0473749959
PDF — 74 KB
Download
Issuer Credit Ratings
| Agencies | Long term rating | Short term rating | Outlook | Releases |
| Moody’s | Ba1 | – | Stable | August 27, 2024 |
| Standard & Poor’s | BB+ | B | Stable | August 27, 2024 |
Further information
Quarterly financial documentation
Half-year financial documentation
Annual financial documentation
Financial press releases
Investors page