As at December 31, 2021, the Group had a € 1,850 million (2020: € 1,850 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures mostly in July 2024; As of July 2023, the available amount will drop 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 (with a minimum of zero percent). The margin is variable and depends on the 'net debt to EBITDA' ratio. The facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2011, being the initial starting date of the current facility.
The Group recently secured two committed bilateral revolving credit facilities of € 200 million each as well as a USD 300 mio term loan, with three-year tenors, maturing in December 2024. The revolving credit facilities have an interest rate that is each time based on the term of the drawing, increased by a fixed margin above the applicable Euribor rate. The term loan has an interest rate that is each time based on the term of the drawing, increased by a margin above the applicable USD Libor rate. The margin is variable and depends on the 'net debt to EBITDA' ratio. Covenants in all three facilities are fully aligned with the committed multi-currency syndicated revolving credit.