FINANCIAL AND ACCOUNTING INFORMATION partial ly compensated by proceeds received from 5.1.2.2 Sources of financing the: In addition to the cash from operations, the Group’s •€650 mil lion issuance of senior notes due 2023 main sources of financing are bond issuances, with coupons of 3.50% for an amount net of securitization programs and bilateral credit facilities. transaction costs of €642.5 million, At December 31, 2017, Rexel’s consol idated net debt amounted to €2,041.2 million as compared to •Increase of €15.2 mil lion in assigned receivables €2,172.6 million at December 31, 2016, consisting of with respect to securitization programs. the following items: AS OF DECEMBER 31, 2017 2016 NON NON (in millions of euros) CURRENT CURRENT TOTAL CURRENT CURRENT TOTAL Senior notes – 1,446.6 1,446.6 – 1,480.9 1,480.9 Securitization – 1,007.6 1,007.6 367.9 718.2 1,086.0 Bank loans 12.1 1.8 13.9 18.6 3.2 21.8 Commercial paper 41.7 – 41.7 131.7 – 131.7 Bank overdrafts and other credit facilities 100.6 – 100.6 84.5 – 84.5 Finance lease obligations 6.2 14.3 20.5 6.8 16.9 23.7 Accrued interest 6.3 – 6.3 6.3 – 6.3 Less transaction costs (5.1) (19.7) (24.7) (5.9) (24.1) (30.0) Total financial debt and accured interest 161.8 2,450.5 2,612.3 610.0 2,195.1 2,805.1 Cash and cash equivalents (563.6) (619.3) Accrued interest receivables (1.0) (0.9) Debt hedge derivatives (6.5) (12.3) Net financial debt 2,041.2 2,172.6 Senior Credit Facility Agreement Liquidity The senior credit facility agreement executed on At December 31, 2017, the Group’s liquidity amounted March 15, 2013 was amended on January 31, 2018 to to €1,304.7 million (€1,467.9 million at December 31, extend the final maturity date to January 31, 2023 2016), as follows: and reduce the committed amount to €850 million from €982 million. AS OF DECEMBER 31, (in millions of euros) 2017(1) 2016 The leverage ratio, stood at 2.8x as of December 31, 2017 (as compared to 3.0x as of December 31, 2016), Cash and cash equivalents 563.6 619.3 in compliance with the covenant such as agreed Bank overdrafts (100.6) (84.5) under the senior credit facility agreement. Commercial paper (41.7) (131.7) Undrawn Senior credit agreement 850.0 982.0 Bilateral facilities 33.4 82.9 Liquidity 1,304.7 1,467.9 (1)Taking into consideration the amendment of the Senior Facility Agreement executed on January 31, 2018. The components of the net financialdebt are described in detail in note 22 of Rexel’s consolidated financial statements at December 31, 2017, set out in chapter 5 “Financial and accounting information” of this Registration document. REXEL 2017 – REGISTRATION DOCUMENT 210