Tiscali 2012 Annual Report Download - page 91
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Annual financial report as at 31 December 2012
Date File Name Status Page
-
Annual Report as at 31
December 2012 91
Financial indebtedness comprises:
- amounts owed to banks mainly in relation to the loan agreement signed on 2 July 2009
following the Group debt restructuring (“Group Facilities Agreement “ - or GFA);
- amounts for financial leasing contracts mainly in relation to the sale and lease back agreement
stipulated for the Cagliari office (Sa Illetta).
Payables to banks
Amounts owed to banks, totalling EUR 138.6 million (of which EUR 15.9 million current and EUR
122.7 million non-current), mainly refer to:
- Group Facility Agreement (GFA) for EUR 132.2 million (equating to a nominal EUR 110.5
million increased by interest capitalised as at 31 December 2012 and net of the repayments
made during 2012);
- Current bank payables for account overdrafts amounting to EUR 6.3 million.
The amount owed to banks represented by the GFA loan was as follows as at 31 December 2012:
• Tranche A: nominal residual amount of EUR 90 million (maturing in 2014); nominal
EUR 95 million as at 31 December 2011 net of EUR 5 million paid on 3 July 2012;
• Tranche B: nominal residual amount of EUR 20.5 million ( maturing in 2015);
unchanged with respect to the nominal figures at 31 December 2011.
During 2012, all the due dates envisaged by the GFA loan agreement were observed and EUR 5
million paid by way of repayment of the principal portion.
The following table summarizes the main elements of the loan.
Loan Amount Year of
maturity
Financial institution Borrower Guarantor
Facility A
Facility B
EUR 90
million (*)
EUR 20.5
million (*)
2014
2015
Intesa Sanpaolo London
Rabobank Int’l
Goldman Sachs Intl BK
Credit Suisse International
Silver Point Lux Plat Sarl
Sothic Cap
Deutsche Bank London
Tiscali UK
Holdings Ltd
Tiscali S.p.A.
Tiscali Italia S.p.A.
Tiscali International BV
Tiscali Financial
Services SA
(*) nominal amounts as at 31 December 2012 excluding capitalised interest.
The loan agreement also provides for:
- Informational covenants that essentially include periodic disclosure to lenders with regard
to accounting data and forecasts reported quarterly and yearly, together with explanatory
notes from management;
- Financial covenants that will be monitored on pre-established maturities. These covenants
provide for achieving certain EBITDA levels with regard to indebtedness and the result of
financial operations as well as specific cash flow levels which will enable the Group to
honour loan repayments and instalments envisaged in the financial plan;
- Operational covenants that provide for achieving specific ARPU levels and a specific
number of customers and investments (“capital expenditure”).