Financial Reporting - Rexel

19. | FINANCIAL LIABILITIES
This note provides information on financial liabilities as of December 31, 2011. Financial liabilities include
interest-bearing loans from financial institutions, borrowings and accrued interest less transaction costs.
19.1 | Net financial debt
(in millions of euros)
Current
As of December 31, 2011 As of December 31, 2010
Senior Notes………………………………………… " " - 1 181.4 1 181.4 - 669.5 669.5
Credit Facilities ………………………...………………" " - 30.6 30.6 - 761.5 761.5
Securitization ……………………..……………………" " 105.9 973.5 1 079.4 - 1 067.6 1 067.6
Bank loans ……………………….…………………… " " 39.7 8.1 47.8 6.6 1.9 8.5
Commercial paper …………………………………… " " 104.8 - 104.8 56.9 - 56.9
Bank overdrafts and other credit facilities ……………" " 86.0 - 86.0 66.6 - 66.6
Finance lease obligations …………………………… " " 6.8 22.9 29.7 5.7 7.2 12.9
Accrued interests (1) ……………………………...…. " " 10.0 - 10.0 5.2 - 5.2
Less transaction costs ………………………………" " (19.8) (33.9) (53.7) (19.0) (44.2) (63.2)
Total financial debt and accrued interest…… " " 333.5 2 182.6 2 516.0 122.0 2 463.5 2 585.5
Total
Current
Noncurrent
Noncurrent
Total
Cash and cash equivalents …………………………" " (413.7) (311.9)
Derivatives fair value……………………………… " " (24.1) (0.3)
Net financial debt
2 078.2 2 273.3
(1)
Of which accrued interests on Senior Notes for €3.5 million as of December 31, 2011 (€2.5 million as of December 31, 2010).
19.1.1 | Senior Notes
Notes due 2016
On December 21, 2009, Rexel had issued senior unsecured notes for a nominal sum of €575 million (the
“Notes”). The funds raised were used to refinance part of the debt obligation relating to the previous Senior
Credit Agreement. The Notes bear interest annually at 8.25% and are listed on the Luxembourg Stock
Exchange. Rexel will pay interest on the Notes semi-annually on June 15 and December 15, starting from
June 15, 2010. The notes will mature on December 15, 2016. On January 20, 2010, Rexel issued €75 million
of senior unsecured notes in addition to the original Notes issued on December 21, 2009 for a total amount
of €575 million. The additional notes fully assimilated to the original notes issued on December 21, 2009 pay
interest at a rate of 8.25% and are redeemable on December 15, 2016. The issue price was 102.33% of the
nominal amount corresponding to €76.7 million.
These Notes are guaranteed by certain of Rexel’s subsidiaries. The Notes and all of Rexel’s existing and
future unsecured senior debt rank pari passu and senior to all its existing and future subordinated debt. The
Notes are redeemable in whole or in part at any time prior to December 15, 2013 at a redemption price equal
to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest. On or
after December 15, 2013, the Notes are redeemable in whole or in part by paying the redemption price set
forth below:
Redemption period beginning on:
Redemption price
(as a % of principal amount)
December 15, 2013 ……………………… 104.125%
December 15, 2014 ……………………… 102.063%
December 15, 2015 and after ………… 100.000%
In addition, at any time on or prior to December 15, 2012, the Notes are redeemable up to 35% of the
outstanding principal amount with the net proceeds from an equity offering of new Rexel shares.
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