Debt
Debt structure
Net Debt
As of September 30, 2018, Rexel’s consolidated net debt stood at € 2,259.1 million, as a result of €2,619.6 million gross debt minus €350.9 million cash and cash equivalents, and minus €9.6 million of other items.
| (in millions of euros) | Sep 30 2018 | Dec 31 2017 | Dec 31 2016 | Dec 31 2015 | Dec 31 2014 |
| Senior notes | 1 448.3 | 1,446.6 | 1,480.9 | 1,637.1 | 1,992.2 |
| Senior Credit Agreement | – | – | – | – | – |
| Securitization | 953.8 | 1,007.6 | 1,086.0 | 1,089.4 | 1,142.1 |
| Commercial paper | 83.0 | 41.7 | 131.7 | 134.6 | 85.9 |
| Other debt & cash | (226.0) | (454.7) | (526.0) | (662.4) | (1,007.1) |
| Net financial debt | 2 259.1 | 2,041.2 | 2,172.6 | 2,198.7 | 2,213.1 |
Financing maturity profile
Leverage ratio
On June 30, 2018, Rexel’s leverage ratio* stood at 2.91x.
*Net debt / EBITDA as calculated under the terms of the senior credit agreement
Financing Instruments as of September 30, 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 300.0 | EUR 83.0 | 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
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
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