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Funding strategy – RELX - Information-based analytics and decision tools

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href="/investors/shareholder-information/corp-simplification"><span>Corporate structure simplification - 2018</span></a></li><li id="hidden-nav-investor-contacts-level3" class="level3"><a href="/investors/shareholder-information/investor-contacts"><span>Investor contacts</span></a></li><li id="hidden-nav-historic-information-for-relx-nv-level3" class="level3 last"><a href="/investors/shareholder-information/historic-information-for-relx-nv"><span>Historic information for RELX NV</span></a></li> </ul></li><li id="hidden-nav-results-level2" class="level2"><a href="/investors/results/2024"><span>Results</span></a></li><li id="hidden-nav-annual-reports-level2" class="level2"><a href="/investors/annual-reports/2023"><span>Annual reports</span></a></li><li id="hidden-nav-share-price-level2" class="level2"><a href="/investors/share-price/lse"><span>Share price</span></a></li><li id="hidden-nav-financial-calendar-level2" class="level2"><a href="/investors/financial-calendar"><span>Financial 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href="/investors/corporate-governance/board-of-directors"><span>Board of Directors</span></a></li><li id="hidden-nav-board-committees-level3" class="level3"><a href="/our-business/board-committees"><span>Board Committees</span></a></li><li id="hidden-nav-code-of-ethics-level3" class="level3"><a href="/investors/corporate-governance/code-of-ethics"><span>Code of Ethics and Reporting Concerns</span></a></li><li id="hidden-nav-relations-with-shareholders-level3" class="level3"><a href="/investors/corporate-governance/relations-with-shareholders"><span>Relations with shareholders</span></a></li><li id="hidden-nav-internal-controls-level3" class="level3"><a href="/investors/corporate-governance/internal-controls"><span>Internal controls</span></a></li><li id="hidden-nav-tax-principles-level3" class="level3"><a href="/investors/corporate-governance/tax-principles"><span>Tax principles</span></a></li><li id="hidden-nav-articles-of-association-level3" class="level3 last"><a href="/investors/corporate-governance/articles-of-association"><span>Articles of association</span></a></li> </ul></li><li id="hidden-nav-debt-investors-level2" class="level2 selected haschildren last"><a href="/investors/debt-investors/funding-strategy"><span>Debt investors</span></a><ul id="hidden-section-debt-investors-level3"> <li id="hidden-nav-funding-strategy-level3" class="level3 current first"><a href="/investors/debt-investors/funding-strategy"><span>Funding strategy</span></a></li><li id="hidden-nav-issuing-companies-and-guarantors-level3" class="level3"><a href="/investors/debt-investors/issuing-companies-and-guarantors"><span>Issuing companies and guarantor</span></a></li><li id="hidden-nav-term-debt-level3" class="level3"><a href="/investors/debt-investors/term-debt"><span>Term debt</span></a></li><li id="hidden-nav-maturity-profile-level3" class="level3"><a href="/investors/debt-investors/maturity-profile"><span>Maturity profile</span></a></li><li id="hidden-nav-capital-structure-level3" class="level3"><a href="/investors/debt-investors/capital-structure"><span>Capital structure</span></a></li><li id="hidden-nav-commercial-paper-level3" class="level3"><a href="/investors/debt-investors/commercial-paper"><span>Commercial paper</span></a></li><li id="hidden-nav-back-up-facilities-level3" class="level3"><a href="/investors/debt-investors/back-up-facilities"><span>Back up facilities</span></a></li><li id="hidden-nav-credit-ratings-level3" class="level3"><a href="/investors/debt-investors/credit-ratings"><span>Credit ratings</span></a></li><li id="hidden-nav-debt-investor-contacts-level3" class="level3 last"><a href="/investors/debt-investors/debt-investor-contacts"><span>Debt investor contacts</span></a></li> </ul></li> </ul></li><li id="hidden-nav-corporate-responsibility-level1" class="level1 haschildren"><a href="/corporate-responsibility"><span>Corporate Responsibility</span></a><ul id="hidden-section-corporate-responsibility-level2"> <li id="hidden-nav-being-a-responsible-business-level2" class="level2 haschildren first"><a href="/corporate-responsibility/being-a-responsible-business/unique-contributions"><span>Being a responsible business</span></a><ul id="hidden-section-being-a-responsible-business-level3"> <li id="hidden-nav-unique-contributions-level3" class="level3 first"><a href="/corporate-responsibility/being-a-responsible-business/unique-contributions"><span>Unique contributions</span></a></li><li id="hidden-nav-governance-level3" class="level3"><a href="/corporate-responsibility/being-a-responsible-business/governance"><span>Governance</span></a></li><li id="hidden-nav-people-level3" class="level3"><a href="/corporate-responsibility/being-a-responsible-business/people"><span>People</span></a></li><li id="hidden-nav-customers-level3" class="level3"><a href="/corporate-responsibility/being-a-responsible-business/customers"><span>Customers</span></a></li><li id="hidden-nav-community-level3" class="level3"><a href="/corporate-responsibility/being-a-responsible-business/community"><span>Community</span></a></li><li id="hidden-nav-supply-chain-level3" class="level3"><a href="/corporate-responsibility/being-a-responsible-business/supply-chain"><span>Supply chain</span></a></li><li id="hidden-nav-environment-level3" class="level3 last"><a href="/corporate-responsibility/being-a-responsible-business/environment"><span>Environment</span></a></li> </ul></li><li id="hidden-nav-engaging-others-level2" class="level2 haschildren last"><a href="/corporate-responsibility/engaging-others/cr-news-and-viewpoints"><span>Engaging others</span></a><ul id="hidden-section-engaging-others-level3"> <li id="hidden-nav-cr-news-and-viewpoints-level3" class="level3 first"><a href="/our-business/perspectives/collections/our-world"><span>CR news & 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href="/media/podcasts"><span>Podcasts</span></a></li> </ul></li> </ul> </div> <!--/skipsearch--> <!-- For Skip to Main Content Only --> <a class="hide" name="maincontent" id="mainContent"> </a> <!--skipsearch--> <div class="grey-overlay-banner-wrap"> <div class="container-fluid"> <div class="row"> <div class="col-xs-12"> <h1> Funding strategy </h1> <div class="grey-banner-breadcrumb"> <!--skipsearch--> <div id="breadcrumb"> <a href="/">Home</a><span class="separator">|</span><a href="/investors/investor-overview">Investors</a><span class="separator">|</span><a href="/investors/debt-investors/funding-strategy">Debt investors</a><span class="separator">|</span><span>Funding strategy</span> </div> <!--/skipsearch--> </div> </div> </div> </div> </div> <!--/skipsearch--> <div class="content-wrap stick-content"> <div class="container-fluid"> <div class="row"> <div class="col-sm-8 col-xs-12"> <div class="my-content disc"> <div class="disclaimer-wrap"> <div class="disclaimer clearfix"> <h2>Disclaimer</h2> <div class="disc-content"> <p> The presentations, releases, prospectuses and other information contained on this website (the 'Documentation') do not constitute an offer of or an invitation by RELX or any subsidiary in RELX (the 'Company') to subscribe for or purchase any securities (the 'Securities'). The Documentation should not be considered a recommendation by the Company to subscribe for or purchase any Securities. Furthermore, the Documentation speaks only as of its date, and the Company has no obligation or intention to update the Documentation. The reproduction or distribution of the Documentation may be restricted by law in certain jurisdictions. Persons who access the Documentation are required to inform themselves about and to observe any such restrictions as well as make their own determination with regard to any investment in any Securities.</p> <p>Do you agree to the above terms?</p> <div class="disclaimer-buttons"> <a id="accept-buttonfs" href="javascript:;">Yes</a> <a id="decline-buttonfs" href="javascript:;">No</a> </div> </div> <div class="disc-warning"> <p class="red"> You must agree to the terms above to view content in this section </p> </div> </div> <div class="overlay"> </div> </div> </div> <div class="my-content"> <p><strong>RELX maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.</strong></p> <p>The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the significant free cash flow generated by RELX and to capitalise on an inexpensive source of funding, a meaningful portion of the overall debt portfolio is typically kept short-term as long as there exists acceptable liquidity in the commercial paper markets and sufficient capacity under committed credit lines.&nbsp;</p> <p>RELX’s treasury policies ensure adequate liquidity by requiring that (a) no more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over three and five years are maintained.</p> <p>The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. 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