debt investor information.

As at December 31, 2023, the Group had a € 1,750 million (2022: € 1,750 million) committed multi-currency syndicated revolving credit facility at its disposal, which matures in May 2028 (2022: May 2027). Total commitment of € 1,750 million will decrease with € 147 million in the last year of the lifetime of the committed multi-currency syndicated revolving credit facility. The term may potentially be extended to a maximum of seven years (i.e., maturing in May 2029) through the exercise of the last of two extension options, which are at the banks' discretion. 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 3.5x 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 drawing, increased by a margin above the applicable interbank or risk-free rate. The margin is variable and depends on either the 'net debt to EBITDA' ratio, or on Randstad's credit rating in case one is publicly available. 

The facility agreement stipulates that the calculation of this ratio is based on the accounting policies as included in the annual report 2021, but excluding any liability under any lease (including a future lease), which would have been classified as an operating lease prior to 1 January 2019. 

In 2023, the Group had two committed bilateral revolving credit facilities of € 200 million each (2022: € 200 million each), with a three-year tenor, maturing in December 2024, a committed bilateral term loan of $ 300 million (2022: $ 300 million), with a three-year tenor, maturing in December 2024, and a committed bilateral term loan of € 77 million (2022: zero), maturing January 2028. The revolving credit facilities have an interest rate that is each time based on the term of the drawing, increased with a fixed margin above the applicable Euribor rate 

On March 5, 2024 Randstad successfully issued its inaugural € 500 million Eurobond. The bonds have a 5-year maturity, due 2029, and an annual coupon of 3.61%. The net proceeds of this inaugural bond issue will be used by Randstad for general corporate purposes and the diversification of the capital structure. BNP Paribas (B&D), Bank of America, Commerzbank and ING acted as joint bookrunners.

Randstad has received an issuer credit rating by Moody’s on 12 February 2024, who assigned a solid long-term investment grade rating with a Stable Outlook of Baa1. Reflecting Randstad's leading position in the staffing and recruitment industry, its client and operational diversification, solid growth and resilience through different economic cycles, strong credit metrics and solid free cash flow generation. The rating increases Randstad's access to capital markets and helps to broaden its funding sources.