Net financial debt and Funding
Situation 29/04/2022
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 |
|---|---|---|---|
| -2.740 | 29 | 37 | -2.674 |
** 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 |
|---|---|---|---|---|
| 2022 | 210 | |||
| 2023 | 100 | |||
| 2024 | 600 | |||
| 2025 | 500 | |||
| 2026 | 11 | |||
| 2028 | 150 | 400 | ||
| 2031 | 100 | |||
| 2036 | 750 | |||
| 2040 | 150 |
Proximus actively manages its long-term debt portfolio by having hedged its interest rate exposure of the bonds maturing in 2024 and 2025.
Funding
Situation 29/04/2022
| 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 |
| Credit facilities | |||
| Syndicated bank facilities | EUR | 700M EUR | 0 EUR |
| Overdraft facilities | EUR | 50M EUR | 0 EUR |
Credit facilities
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.
| Amount | Tenor | Maturity |
|---|---|---|
| 700M EUR | 3+1 years | Oct 2024 |
Overdraft facilities
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.
Capital markets funding
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:
| Amount | Tenor | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| 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.
| Amount | Tenor | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| 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.