CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
186
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
12.
BORROWINGS FROM BANKS AND OTHER LENDERS
These are detailed as follows:
Borrowings from banks and other financial institutions and Bonds are analysed as follows:
(1) Credit Agreements refer to the following lines: Term Loan Facility 2010 and Term Loan Facility 2011.
Credit Agreement 2010 and Credit Agreement 2011
The Forward Start Credit Agreement (now termed Credit
Agreement 2010) was activated on 3 May 2012 after being
entered into by the Group on 21 January 2010 with a syndicate
of major national and international banks. This credit
agreement has replaced the previous “Credit Agreement”
entered into on 18 April 2007.
The Credit Agreement 2010 is an agreement negotiated in
advance of its period of use, under which the lenders have
provided Prysmian S.p.A. and some of its subsidiaries loans
and credit facilities for a total of Euro 1,070 million, of which
Euro 670 million in loans (Term Loan Facility 2010) and Euro
400 million in credit lines (Revolving Credit Facility 2010).
On 22 February 2013 and 15 March 2013, the Prysmian Group
made early repayments of Euro 186 million and Euro 300
million respectively against the Term Loan Facility 2010
disbursed on 3 May 2012. The first repayment was in respect
of repayments due in 2013 and in first half of 2014, while
the second referred to the repayment due in December 2014.
More details about the related effects recognised through the
income statement can be found in Note 24. Finance costs and
Note 25. Finance income.
The repayment of the Term Loan Facility 2010 ends on 31
December 2014 with a final payment of Euro 184 million and
has therefore been classified in current liabilities.
(in millions of Euro)
31 December 2013
Non-current
Current
Total
Borrowings from banks and other financial institutions
477
320
797
Non-convertible bond
399
15
414
Convertible bond
263
1
264
Finance lease obligations
15
2
17
Total
1,154
338
1,492
(in millions of Euro)
31 December 2012
Non-current
Current
Total
Borrowings from banks and other financial institutions
1,023
344
1,367
Non-convertible bond
398
15
413
Convertible bond
-
-
-
Finance lease obligations
12
2
14
Total
1,433
361
1,794
(in millions of Euro)
31 December 2013 31 December 2012
Credit Agreements
(1)
580
1,060
Other borrowings
217
307
Borrowings from banks and other financial institutions
797
1,367
Non-convertible bond
414
413
Convertible bond
264
-
Total
1,475
1,780
