LensCrafters 2013 Annual Report Download - page 132

Luxottica
Group S.p.A.
credit
agreement
with various
financial
institutions(a)
Senior
unsecured
guaranteed
notes(b)
Credit
agreement
with various
financial
institutions(c)
Credit
agreement
with various
financial
institutions
for Oakley
acquisition(d)
Other loans
with banks
and other
third parties,
interest at
various rates,
payable in
installments
through 2014(e)
Total
Balance as of January 1, 2013 367,743
1,723,225 45,664 174,922 50,624 2,362,178
Proceeds from new and existing
loans —
— — — 5,254 5,254
Repayments (70,000) (15,063) (45,500) (173,918) (22,587) (327,068)
Loans assumed in business
combinations —
— — — 16,073 16,073
Amortization of fees and
interests 735
1,877 124 96 4,419 7,251
Translation difference — (26,068) (288) (1,100) (1,722) (29,179)
Balance as of December 31,
2013
298,478
1,683,970 — — 52,061 2,034,510
Luxottica
Group S.p.A.
credit
agreement
with various
financial
institutions(a)
Senior
unsecured
guaranteed
notes(b)
Credit
agreement
with various
financial
institutions(c)
Credit
agreement
with various
financial
institutions
for Oakley
acquisition(d)
Other loans
with banks
and other
third parties,
interest at
various rates,
payable in
installments
through 2014(e)
Total
Balance as of January 1,
2012 487,363
1,226,245 225,955 772,743 30,571 2,742,876
Proceeds from new and
existing loans —
500,000 — — 33,133 533,133
Repayments (120,000) — (181,149) (607,247) (38,159) (946,555)
Loans assumed in business
combinations —
— — — 30,466 30,466
Amortization of fees and
interests 380
9,104 484 16 (4,312) 5,672
Foreign translation difference —
(12,124) 374 9,411 (1,075) (3,415)
Balance as of December 31,
2012
367,743 1,723,225 45,664 174,922 50,624 2,362,178
The Group uses debt financing to raise financial resources for long-term business operations and to finance
acquisitions. The Group continues to seek debt refinancing at favorable market rates and actively monitors the debt
capital markets in order to take action to issue debt, when appropriate. Our debt agreements contain certain covenants,
including covenants that limit our ability to incur additional indebtedness (for more details see note 3(f)—Default risk:
negative pledges and financial covenants). As of December 31, 2013, we were in compliance with these financial
covenants.
The table below summarizes the Group’s long-term debt as of December 31, 2013.
Type Series Issuer/Borrower Issue Date CCY Amount
Outstanding
amount at the
reporting date Coupon / Pricing
Interest rate as
of December 31,
2013 Maturity
2009 Term Loan
Luxottica Group
S.p.A.
November
11,
2009
EUR
300,000,000
300,000,000
Euribor
+
1.00%
/2.75
%
1.
234
%
November
30, 2014
Private Placement
B
Luxottica US Holdings
July
1, 2008
USD
127,000,000
127,000,000
6.420%
6.420%
July
1, 2015
Bond (Listed on Luxembourg Stock
Exchange) Luxottica Group S.p.A. November 10, 2010 EUR 500,000,000 500,000,000 4.000% 4.000% November 10, 2015
Private Placement
D
Luxottica US Holdings
January
29, 2010
USD
50,000,000
50,000,000
5.190%
5.190%
January
29, 2017
2012 Revolving Credit Facility
Luxottica Group
S.p.A
.
April
17, 2012
EUR
500,000,000
—
Euribor
+
1.30%/2.25%
—
April
10, 2017
Private Placement
G
Luxottica Group
S.p.A.
September
30, 2010
EUR
50,000,000
50,000,000
3.750%
3.750%
September
15, 2017
Private Placement
C
Luxottica US Holdings
July
1, 2008
USD
128,000,000
128,000,000
6.770%
6.770%
July
1, 2018
Private Placement
F
Luxottica US Holdings
January
29, 2010
USD
75,000,000
75,000,000
5.390%
5.390%
January
29, 2019
Bond (Listed on Luxembourg Stock
Exchange) Luxottica Group S.p.A. March 19, 2012 EUR 500,000,000 500,000,000 3.625% 3.625% March 19, 2019
Private Placement
E
Luxottica US Holdings
January
29, 2010
USD
50,000,000
50,000,000
5.750%
5.750%
January
29, 2020
Private Placement
H
Luxottica Group
S.p.A.
September
30, 2010
EUR
50,000,000
50,000,000
4.250%
4.250%
September
15, 2020
Private Placement
I
Luxottica US Holdings
December
15, 2011
USD
350,000,000
350,000,000
4.350%
4.350%
December
15, 2021