Net financial debt and Funding

Situation 30/06/2022

Net financial debt

End June 2022, the Proximus net financial debt stood at € 2,846 million.

Net debt end Dec 2021 Free Cash Flow Dividends Other** Net debt end Jun 2022
-2,740 -15 -226 134 -2,846

** 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 425      
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 placement YEN 1.5B YEN 1.5B YEN
Investment Loan EUR 400M EUR 400M EUR
Commercial paper EUR 1,000M EUR 425M 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.