Note 21 • Interest-bearing loans

In April 2010, the Group successfully entered into a $165 million loan in the U.S. private placement market. The Note Purchase Agreement, which was signed on 20 April 2010, identifies three series of fixed-rates’ Senior Notes with different maturities: $25 million due April 2015, $70 million due April 2017 and $70 million due April 2020. Interest is paid semi-annually and is in the range between 5 percent and 6.5 percent p.a.

On 9 December 2009 the Company entered into an agreement for a €400 million revolving, multi-currency committed, three year and one month, credit facility (the “Credit Facility”), replacing both the €375 million facility, signed 4 April 2006 and the €130 million facility which was signed on 20 February 2009. The Credit Facility provides that utilisations may be in euro or other freely convertible currencies, as agreed. The interest payable is calculated at the relevant inter-bank rate plus the applicable margin.

Both the Credit Facility and the Note Purchase Agreement contain a number of operating covenants, including restrictions on subsidiary borrowings, restrictions on lending and giving guarantees for financial indebtedness and restrictions on the disposal of material assets. It also contains a number of financial covenants which include required ratios of consolidated net debt to consolidated EBITDA, the Group consolidated net worth, interest cover and cap on distributions. The Group was in compliance with these covenants as of 31 December 2010 and 31 December 2009.

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:

At 31 December 2010, the Group had total banking facilities available of €536.5 million (€409.8 million) of which €295.1 million (€277.2 million) has been utilised as bank overdrafts, short- and long-term loans, and guarantees.