Debt Structure
As of December 31, 2016, the corporate net debt ratio was 0.9x based on Adjusted Corporate EBITDA.
| € million | Pricing | Maturity | Dec 31, 2016 | Dec 31, 2015 |
|---|---|---|---|---|
| High Yield Senior Notes (a) | 5.75% | 2022 | 600 | 475 |
| Senior Revolving Facility (€350m) | E+250bps (b) | 2020 | 13 | 81 |
| FCT Junior Notes, accrued interest not yet due, capitalized financing costs and other | (203) | (150) | ||
| Gross Corporate debt | 410 | 406 | ||
| Short-term Investments and Cash in operating and holding entities | (189) | (171) | ||
| CORPORATE NET DEBT | (A) | 220 | 235 |
| € million | Pricing | Maturity | Dec 31, 2016 | Dec 31, 2015 |
|---|
| High Yield EC Finance Notes (a) | 5.125% | 2021 | 350 | 350 |
| Senior asset revolving facility (€1.3bn SARF) (c) | 5.125% | 2020 | 693 | 658 |
| FCT Junior Notes, accrued interest, financing capitalized costs and other | 200 | 142 | ||
| UK, Australia and other fleet financing facilities | Various (d) | 491 | 509 | |
| Gross financial fleet debt | 1,734 | 1,659 | ||
| Cash held in fleet financing entities and Short-term fleet investments | (150) | (161) | ||
| Fleet net debt in Balance sheet | 1,584 | 1,498 |
| Debt equivalent of fleet operating leases - OFF Balance Sheet (e) | 1,461 | 1,323 |
| TOTAL FLEET NET DEBT (incl. op leases) | (B) | 3,045 | 2,821 |
(a) These bonds are listed on the Luxembourg Stock Exchange. The corresponding prospectus is available on Luxembourg Stock Exchange website (http://www.bourse.lu/Accueil.jsp)
(b) Depending on the leverage ratio
(c) Swap instruments covering the SARF structure have been extended to 2020
(d) UK fleet financing maturing in 2018 with one year extension option
(e) Corresponds to the net book value of applicable vehicles, which is calculated on the basis of the purchase price and depreciation rates of corresponding vehicles (based on contracts with manufacturers).
Focus on fleet financing
With respect to the fleet debt, that the Group considered to be asset backed, the different financings have been optimized since July 2014 with increased maturities and reduced interest costs. In addition, the Group is protected against the risk of increasing interest rates by two interest rate swap agreements with an aggregate nominal principal amount of €1,600 million.
