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)
€ million Pricing Maturity Dec 31, 2016 Dec 31, 2015
IN Balance Sheet
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
OFF Balance Sheet
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 (
(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.


Search Investor Relations