debt.

As at December 31, 2022, the Group had a € 1,750 million (2021: € 1,850 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2027 (2021: July 2024). The term may potentially be extended to a maximum of seven years (i.e., maturing in May 2029) through the exercise of two extension options, which are at the banks' discretion. The facility agreement, which is a refinancing of the previous facility (€ 1,850 million), contains the same 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 3.5x 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.

The facility agreement stipulates thatthe 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. 

In March 2013, Randstad NV established a Euro Medium Term Note (EMTN) Programme, which was last updated in February 2023. The programme allows Randstad NV to issue Notes for up to an undefined amount. There are no Notes outstanding under the programme as at 28 February 2023.