Debt
Debt structure
Net Debt
As of December 31, 2019, Rexel’s consolidated net debt stood at € 1,945.9 million, as a result of €2,481.8 million gross debt minus €514.3 million cash and cash equivalents, and minus €21.6 million of other items.
| (in millions of euros) | Dec 31 2019 | Dec 31 2018 | Dec 31 2017 | Dec 31 2016 | Dec 31 2015 |
| Senior notes | 1,413.4 | 1456.2 | 1,446.6 | 1,480.9 | 1,637.1 |
| Senior Credit Agreement | – | – | – | – | |
| Securitization | 952.9 | 1001.2 | 1,007.6 | 1,086.0 | 1,089.4 |
| Commercial paper | 50.0 | 40.0 | 41.7 | 131.7 | 134.6 |
| Other debt & cash | (470.4) | (467.0) | (454.7) | (526.0) | (662.4) |
| Net financial debt | 1,945.9 | 2,030.4 | 2,041.2 | 2,172.6 | 2,198.7 |
Financing maturity profile
Leverage ratio
On December 31, 2019, Rexel’s leverage ratio* stood at 2.47x.
Financing Instruments as of December 31, 2019
Commercial paper
| Date of implementation | Size of the program (in millions of currency) |
Outstanding amount (in millions of currency) |
Rating Moody’s/S&P |
Documentation |
| September 2010 | EUR 300.0 | EUR 50.0 | 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, 2025* |
*Pro forma post approval of the second extension option of the Senior Credit Agreement on January 16th, 2020 for EUR 829.0 million out of EUR 850.0 million (the remaining EUR 21.0 million maturing on January 31, 2024)
Senior Notes
| Nominal amount (en millions) |
Maturity | Coupon | Rating | ISIN | 1st call date | |
| Moody’s / S&P | Regulation S | 144A | ||||
| EUR 300.0 (download) |
Jun 15, 2024 | 2.625% | Ba3 / BB- | XS1574686264 | N/A | Mar 15, 2020 |
| EUR 500.0 (download) |
Jun 15, 2025 | 2.125% | Ba3 / BB- | XS1716833352 | N/A | Dec 15, 2020 |
| EUR 600.0 (download) |
Jun 15, 2026 | 2.75% | Ba3 / BB- | XS1958300375 | N/A | Mar 15, 2022 |
Listing : Luxembourg Stock Exchange – Euro MTF market
Redemption of Senior Notes
Download 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
Credit Ratings
| Agencies | Long term rating | Short term rating | Outlook |
| 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