Financial Reporting - Rexel
Financial Reporting - Rexel
Financial Reporting - Rexel
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Credit Facility<br />
Commitment<br />
(in millions of<br />
euros)<br />
Balance due as of<br />
December 31, 2011<br />
(in millions of euros)<br />
Facility A 195.4 -<br />
Facility B 1,074.0<br />
2009 Senior Credit<br />
Facilities subtotal<br />
1,269.4<br />
-<br />
-<br />
Bilateral facility 30.6 30.6<br />
TOTAL 1,300.0 30.6<br />
Interests and margin<br />
These multicurrency credit facilities carry interest at EURIBOR or LIBOR rates depending on the currency in<br />
which amounts are drawn, plus a margin which varies depending on the leverage ratio.<br />
At December 31, 2011 the applicable margin stood at 2.00% for Facility A and 2.25% for Facility B.<br />
The margin applicable varies in accordance with the ranges in which the Pro Forma Leverage Ratio (as<br />
defined below) falls at the end of each semester as set out below:<br />
Leverage Ratio<br />
Facility A<br />
Margin<br />
Facility B<br />
Margin<br />
Greater than or equal to 5.00:1 ……………………………. 4.25% 4.50%<br />
Less than 5.00:1 but greater than or equal to 4.50:1 …….. 3.50% 3.75%<br />
Less than 4.50:1 but greater than or equal to 4.00:1……… 3.00% 3.25%<br />
Less than 4.00:1 but greater than or equal to 3.50:1 …….. 2.50% 2.75%<br />
Less than 3.50:1 but greater than or equal to 3.00:1 ……. 2.00% 2.25%<br />
Less than 3.00:1 but greater than or equal to 2.50:1 …….. 1.75% 2.00%<br />
Less than 2.50:1 ………………………………………………. 1.50% 1.75%<br />
In addition, the applicable margin shall be increased by a utilization fee equal to:<br />
• 0.25% per annum pro rata temporis for the period during which the facilities are drawn down for an<br />
amount less than or equal to 66% but greater than 33% of the total commitments; and<br />
• 0.50% per annum pro rata temporis for the period during which the facilities are drawn down for an<br />
amount greater than 66% of the total commitments.<br />
<strong>Rexel</strong> shall also pay a commitment fee in the base currency computed at the rate of 40% of the applicable<br />
margin on that lender’s available commitment under each facility.<br />
Covenant (Pro Forma Leverage Ratio)<br />
The Pro Forma Leverage Ratio corresponds to adjusted consolidated net debt relative to adjusted<br />
consolidated EBITDA, as such terms are defined below:<br />
Adjusted Consolidated EBITDA means operating income before other income and other expenses, plus<br />
depreciation and amortization as set forth in the Group’s consolidated financial statements and:.<br />
• includes adjusted EBITDA over the last 12 months of all of the companies acquired during the<br />
relevant period, pro rata to the Group’s participation;<br />
• includes proceeds relating to commodity price derivatives to hedge exposure to price fluctuations of<br />
certain commodities which do not qualify for cash flow hedge accounting under IFRS;<br />
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