Debt
Debt structure
Net Debt
As of December 31, 2020, Rexel’s consolidated net debt stood at € 1,334.9 million, as a result of €2,032.2 million gross debt minus €685.4 million cash and cash equivalents, and minus €11.9 million of other items.
| (in millions of euros) | Dec 30 2020 | Dec 31 2019 | Dec 31 2018 | Dec 31 2017 | Dec 31 2016 |
| Senior notes | 1,105.5 | 1,413.4 | 1456.2 | 1,446.6 | 1,480.9 |
| Senior Credit Agreement | – | – | – | – | – |
| Securitization | 818.4 | 952.9 | 1001.2 | 1,007.6 | 1,086.0 |
| Commercial paper | 50.0 | 50.0 | 40.0 | 41.7 | 131.7 |
| Other debt & cash | (639.0) | (470.4) | (467.0) | (454.7) | (526.0) |
| Net financial debt | 1,334.9 | 1,945.9 | 2,030.4 | 2,041.2 | 2,172.6 |
Financing maturity profile
Leverage ratio
On December 31, 2020, Rexel’s leverage ratio* stood at 2.14x.
Financing Instruments as of December 31, 2020
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 50.0 | 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 |
Senior Notes as of December 15, 2020
| Nominal amount (en millions) |
Maturity | Coupon | Rating | ISIN | 1st call date | |
| Moody’s / S&P | Regulation S | 144A | ||||
| 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 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 |
| Moody’s | Ba2 | – | Stable |
| Standard & Poor’s | BB | B | Stable |
Further information
Quarterly financial documentation
Half-year financial documentation
Annual financial documentation
Financial press releases
Investors page