221
The Revolving Credit Facility 2010 and the Revolving Credit
Facility 2011 are both intended to finance ordinary working
capital requirements, while only the Revolving Credit Facility
2010 can also be used for the issue of guarantees.
On 26 July 2012, the securitization programme, due to end
on 31 July 2012, was extended for another 12 months and the
amount of the related credit facility was reduced to Euro
150 million, consistent with the amount of trade receivables
eligible for securitization under the agreed contractual terms
(amounting to approximately Euro 117 million at 31 December
2012 and approximately Euro 134 million at 31 December 2011).
Bond
Further to the resolution adopted by the Board of Directors on
3 March 2010, Prysmian S.p.A. completed the placement of
an unrated bond with institutional investors on the Eurobond
market on 30 March 2010 for a total nominal amount of Euro
400 million. The bond, with an issue price of Euro 99.674, has
a 5-year term and pays a fixed annual coupon of 5.25%. The
bond settlement date was 9 April 2010. The bond has been
admitted to the Luxembourg Stock Exchange’s official list
and is traded on the related regulated market.
The fair value of the bond at 31 December 2012 was Euro 420
million (Euro 395 million at 31 December 2011).
Other borrowings from banks and financial institutions and
Finance lease obligations
These have reported the following changes during 2012:
- the drawdown of Euro 134 million, primarily relating to
the securitization facility (Euro 45 million) and other debt
raised by subsidiaries in Brazil, Russia and China;
- the repayment of Euro 181 million, primarily against the
securitization facility (Euro 81 million) and other debt raised
mainly by subsidiaries in Brazil, Russia and China.
(1)
“Drawdowns” are stated net of Euro 10 million in bank fees relating to the Term Loan Facility 2010.
(in millions of Euro)
Credit
Bond Other borrowings/
Total
Agreements
Finance lease
obligations
Balance at 31 December 2011
1,070
412
380
1,862
Business combinations
-
-
15
15
Effects of deconsolidation
-
-
(16)
(16)
Currency translation differences
(4)
-
(11)
(15)
Drawdowns
(1)
660
-
134
794
Repayments
(670)
-
(181)
(851)
Amortisation of bank and financial fees and other expenses
4
1
-
5
Interest and other movements
-
-
-
-
Total movements
(10)
1
(59)
(68)
Balance at 31 December 2012
1,060
413
321
1,794
(in millions of Euro)
Credit
Bond Other borrowings/
Total
Agreements
Finance lease
obligations
Balance at 31 December 2010
770
411
131
1,312
Business combinations
-
-
443
443
Currency translation differences
2
-
3
5
Drawdowns
394
-
210
604
Repayments
(100)
-
(419)
(519)
Amortisation of bank and financial fees and other expenses
2
1
-
3
Interest and other movements
2
-
12
14
Total movements
300
1
249
550
Balance at 31 December 2011
1,070
412
380
1,862
The following tables report movements in borrowings from banks and other lenders:
