DEBT INSTRUMENTS
DCC uses a combination of bank facilities, public bonds and US private placement notes.
Public Bond
In 2024, the Group established a €3.0bn Euro Medium Term Note Programme listed on Euronext Dublin, with DCC plc as the parent guarantor. The following issuance has been made:
Issuer
DCC Group Finance (Ireland) Designated Activity Company
Currency
EUR
Amount
€500m
Coupon
4.375%
Issue Date
27/06/2024
Maturity
27/06/2031
US private placement market
(Unsecured Notes)
The Group has been active in the US private placement debt market since 1996 and has built up a well-diversified funding portfolio, with a balanced maturity profile. The following Unsecured Notes are outstanding:
Private Placement Notes
As of 30 September 2024, the Group has the following private placement notes outstanding:
- US$111,000,000 4.19 per cent. Series C Guaranteed Senior Unsecured Notes due April 25, 2025
- US$115,500,000 4.55 per cent. Series A Guaranteed Senior Unsecured Notes due April 4, 2026
- €20,000,000 1.83 per cent. Series E Guaranteed Senior Unsecured Notes due April 4, 2026
- US$87,000,000 4.68 per cent. Series G Guaranteed Senior Unsecured Notes due May 21, 2026
- US$52,000,000 4.78 per cent. Series H Guaranteed Senior Unsecured Notes due September 23, 2026
- €70,000,000 Floating Rate Series B Guaranteed Senior Unsecured Notes due September 13, 2027
- €185,000,000 1.96 per cent. Series C Guaranteed Senior Unsecured Notes due September 13, 2027
- £107,500,000 2.74 per cent. Series D Guaranteed Senior Unsecured Notes due September 13, 2027
- US$201,500,000 5.89 per cent. Series A Guaranteed Senior Unsecured Notes due December 15, 2028
- US$50,000,000 Floating Rate Series D Guaranteed Senior Unsecured Notes due December 15, 2028
- US$72,500,000 4.67 per cent. Series B Guaranteed Senior Unsecured Notes due April 4, 2029
- €30,000,000 2.18 per cent. Series F Guaranteed Senior Unsecured Notes due April 4, 2029
- €45,000,000 Floating Rate Series E Guaranteed Senior Unsecured Notes due September 13, 2029
- €30,000,000 2.17 per cent. Series F Guaranteed Senior Unsecured Notes due September 13, 2029
- £20,000,000 2.86 per cent. Series G Guaranteed Senior Unsecured Notes due September 13, 2029
- US$28,000,000 4.98 per cent. Series I Guaranteed Senior Unsecured Notes due September 23, 2029
- US$80,000,000 6.00 per cent. Series B Guaranteed Senior Unsecured Notes due December 15, 2030
- US$64,500,000 4.77 per cent. Series C Guaranteed Senior Unsecured Notes due April 4, 2031
- €20,000,000 2.39 per cent. Series G Guaranteed Senior Unsecured Notes due April 4, 2031
- US$282,000,000 6.12 per cent. Series C Guaranteed Senior Unsecured Notes due December 15, 2032
- US$50,000,000 Floating Rate Series E Guaranteed Senior Unsecured Notes due December 15, 2032
- £50,000,000 6.70 per cent. Series F Guaranteed Senior Unsecured Notes due December 15, 2032
- US$97,500,000 4.92 per cent. Series D Guaranteed Senior Unsecured Notes due April 4, 2034
- €30,000,000 2.66 per cent. Series H Guaranteed Senior Unsecured Notes due April 4, 2034
Average interest rate on Unsecured Notes
Issuances have been made over time and in different interest rate environments. In addition, the Group employs interest and cross-currency swaps to create a balance of debt across currencies, and between fixed and floating interest rate exposures. As of 31 March 2024, c.60% of our private placement debt is fixed. Taking account of swaps, the average interest rate on the fixed and floating portion of our debt is below.
Unsecured Notes fixed net
Unsecured Notes floating net
Total Unsecured Notes
2024 Average O/S
£1.84bn
FY24 Average Rate
5.03%
5.82%
5.37%
At 31 March 2024 O/S
£1.05bn
£0.76bn
£1.81bn
At 31 March 24 Average Rate
5.03%
6.05%
5.47%
Maturity profile
Our US private placement debt has average maturity of 4.5 years as at 31 March 2024.
Public credit ratings
In November 2023, DCC obtained public credit ratings for the first time. Both S&P Global Ratings and Fitch issued BBB investment-grade ratings to the Group.
Credit Ratings
Long Term
Outlook
S&P Global Ratings
BBB
Stable
Fitch
BBB
Stable
DEBT FACILITIES
SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY (RCF)
The Group has an £800 million committed sustainability linked RCF with ten relationship banks. The facility matures in March 2029.
Credit metrics
Key Financial Ratios
Net debt: EBITDA (times)
EBITDA: net interest (times)
Total Equity (£m)
2024 Actual
0.9x
8.9x
3,183.0
Lender Covenants
3.5x
3.0x
425.0
2023 Actual
1.0x
11.2x
3,058.3