Debt
Debt structure
Net Debt
As of December 31, 2023, Rexel’s consolidated net debt stood at € 1, 961.5 million, as a result of €2,831.3 million gross debt minus €912.7 million cash and cash equivalents, and plus €42.9 million of other items.
(in millions of euros) | Dec 31 2023 | Dec 31 2022 | Dec 31 2021 | Dec 31 2020 | Dec 31 2019 |
Senior notes | 1,370.1 | 953.2 | 999.5 | 1,105.5 | 1,413.4 |
Senior Credit Agreement | 50.0 | – | – | – | – |
Securitization | 1,183.5 | 1,183.5 | 905.0 | 818.4 | 952.9 |
Medium Term Notes | 49.9 | ||||
Commercial paper | 34.9 | 45.0 | 125.5 | 50.0 | 50.0 |
Other debt & cash | (726.9) | (723.3) | (478.8) | (639.0) | (470.4) |
Net financial debt | 1,961.5 | 1,458.4 | 1,551.2 | 1,334.9 | 1,945.9 |
Financing maturity profile
Leverage ratio
On December 31, 2023, Rexel’s leverage ratio* stood at 1.33x.
Financing Instruments as of December 31, 2023
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 50.0 | 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 |
*new Senior Credit Agreement signed on 23 January 2024
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
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