The long term borrowings on our balance sheet are related to a syndicated revolving credit facility. This allows us to consciously avoid the risk of having to refinance short-term bridge financing as well as having to issue equity in a secondary public offer. We finance against floating interest rates since in an economic downturn, when our earnings may be under pressure, interest rates will normally tend downwards. Floating interest rates are considered a natural hedge against the development in operational results. So far, this has paid off significantly, as over time floating interest rates are on average significantly lower than fixed interest rates.
In Q2 2014 we took advantage of the favorable market conditions and our aim to have sufficient long-term committed financing in place, by amending and extending the existing multi-currency credit facility.
As at December 31, 2020, the Group had a € 1,850 million (2019: € 1,850 million) committed multicurrency syndicated revolving credit facility at its disposal, which matures in July 2024 (2019: July 2024). As of July 2023, the amount at the disposal of the Group will change from € 1,850 million to € 1,778 million. The facility agreement contains a covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on material adverse changes; the net debt to EBITDA ratio has a limit of 3.5, and is calculated based on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a leverage ratio of 4.25x EBITDA for a limited period of time. This credit facility has an interest rate that is based each time on the term of the drawings, increased by a margin above the applicable Euribor or LIBOR rates. The margin is variable and depends on the 'net debt to EBITDA' ratio.
In 2020, the Group repaid in full the promissory note of € 150 million, and two loans of USD 200 million each.
Our net debt position (including lease liabilities) decreased by € 1,122 million to € 255 million. The leverage ratio (net debt divided by 12-month EBITDA) was 0.3 at year-end. Leverage ratio excluding IFRS 16 'Leases' ended at -0.4 compared to 0.7 in 2019.