Net financial debt and Funding
Net financial debt
End March 2022, the Proximus net financial debt stood at € 2,674 million.
Adjusted Net Debt, excluding lease liabilities (YTD,M€)
|Net debt end Dec. 2021||Free cash flow||Other**||Net debt end Mar. 2022|
** Mainly remeasurement to fair value of cash flow hedge instrument for future long term debt
Debt maturity schedule
(in € M)
|Year||Commercial paper||Institutional Eurobonds||Investment loan||¥ private placement|
Proximus actively manages its long-term debt portfolio by having hedged its interest rate exposure of the bonds maturing in 2024 and 2025.
|Currency||Facility Amount||Outstanding Amount|
|Capital markets funding|
|Institutional Eurobonds (EMTN)||EUR||3,500M EUR||2,350M EUR|
|Yen private placements||YEN||1.5B YEN||1.5B YEN|
|Investment Loans||EUR||400M EUR||400M EUR|
|Commercial paper||EUR||1,000M EUR||210 EUR|
|Syndicated bank facilities||EUR||700M EUR||0 EUR|
|Overdraft facilities||EUR||50M EUR||0 EUR|
Syndicated bank facility
Proximus has a Sustainable Revolving Credit Facility that is provided by a wide range of local and international banks. This facility also serves as back-up against the refinancing risk related to any issued commercial papers.
|700M EUR||3+1 years||Oct 2024|
Proximus has overdraft facilities with local and international banks for a total amount of 50M EUR. Typically, these facilities are extended on a yearly or bi-yearly basis.
EMTN Program and Bonds
Proximus has established a Euro Medium Term Note (EMTN) Program for its long-term funding needs. The Program enables Proximus to issue unsecured bonds with a tenor of minimum 1 year within a EUR 3,500 million program.
Proximus has issued the following unsecured bonds under its EMTN Program:
|100M EUR||10 years||22 May 2023||2.256%||BE6252911977|
|600M EUR||10 years||4 April 2024||2.375%||BE6265262327|
|500M EUR||10 years||1 Oct 2025||1.875%||BE0002237064|
|150M EUR||15 years||20 March 2028||3.19%||BE6251142749|
|100M EUR||12,5 years||8 September 2031||1.75%||BE0002639202|
|750M EUR||15 years||17 November 2036||0,75%||BE0002830116|
|150M EUR||20 years||14 May 2040||1.5%||BE0002697788|
Yen private placements
On March 27th of 2015, 85% of JPY 10 billion Note due in December 2026 have been bought back with settlement on April 1st 2015. The remaining 15% (EUR 11 million) will mature in 2026.
Proximus (previously Belgacom) has issued the following Yen private placements.
|10B YEN||30 years||16 dec 2026||-||BE007199961|
Commercial Paper Program
Proximus has established a commercial paper program for the issue of short term treasury notes (thesauriebewijzen/billets de trésorie). The program enables Proximus to issue commercial papers with a tenor of maximum 12 months within a EUR 1 billion program. The commercial paper program is a complement to Proximus’ core funding.