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Note 16: Long-term borrowings


In € millions

 

2011

 

2012

Debt issued

 

2,941

 

3,289

Debt to credit institutions

 

15

 

10

Other borrowings

 

79

 

89

Total

 

3,035

 

3,388

The amounts due within one year are presented under short-term borrowings. For details on the exposure to interest rate and foreign currency risk, see Note 22. During 2012, the average effective interest rate was 5.24 percent (2011: 6.22 percent).

Debt issued

 

 

 

 

 

In € millions

 

2011

 

2012

5 5/8 % 2003/13 ($500 million)

 

387

 

7 3/4 % 2008/14 (€825 million )

 

822

 

823

7 1/4 % 2009/15 (€621 million)

 

634

 

630

8 % 2009/16 (£250 million)

 

297

 

305

4 % 2011/18 (€800 million)

 

790

 

792

2 5/8 % 2012/22 (€750 million)

 

 

739

Other

 

11

 

Total

 

2,941

 

3,289

Aggregate maturities of long-term borrowings

 

 

 

 

 

In € millions

 

2014 – 2017

 

After 2017

Debt issued

 

1,758

 

1,531

Debt to credit institutions

 

9

 

1

Other borrowings

 

44

 

45

Total

 

1,811

 

1,577

We have a €1.8 billion multi-currency revolving credit facility originally expiring in 2016. In 2012 the maturity of €1.7 billion of this facility has been extended with an additional year to 2017. At year-end 2012 and 2011, this facility had not been drawn. At year-end 2012 and 2011, none of the borrowings was secured by collateral.

In 2011, a bond was issued with a nominal amount of €800 million maturing December 2018 at a coupon of 4 percent. In 2012, a bond was issued with a nominal value of €750 million maturing in 2022 at a coupon rate of 2.625 percent.

Financial lease liabilities are included in other borrowings and aggregated €52 million. An amount of €6 million will mature within one year and €17 million will mature in the period 2014 through 2017 and €29 million after 2017.

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