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Note 18 Long-term borrowings


In € millions

 

 

 

2008

2009

 

 

 

Debt issued

2,245

3,276

Debt to credit institutions

12

7

Other borrowings

84

205

 

 

 

Total

2,341

3,488

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 24.

In March 2009 a bond was issued of €750 million, maturing in six years, with an interest rate of 7.25 percent. In April 2009, a bond was issued of £250 million, maturing in seven years, with an interest rate of 8.0 percent. In June 2009, new private debt was issued of €150 million. In December 2009, we redeemed €215 million of debt due in 2011 and issued new debt of €225 million, maturing in five years by means of extending our 7.25 percent bond issued in March 2009.

Debt issued

 

 

 

In € millions

 

 

 

2008

2009

 

 

 

41/4 % 2003/11 (€750/€539 million)

756

533

55/8 % 2003/13 ($500 million)

395

347

73/4 % 2008/14 (€1 billion )

997

993

71/4 % 2009/15 (€750 million)

746

71/4 % 2009/15 (€225 million)

259

8 % 2009/16 (£250 million)

278

Other

97

120

 

 

 

Total

2,245

3,276

During 2009, the average effective interest rate was 5.87 percent (2008: 5.13 percent).

Aggregate maturities of long-term borrowings

 

 

 

In € millions

 

 

 

2011 – 2014

After 2014

 

 

 

Debt issued

1,994

1,282

Debt to credit institutions

7

Other borrowings

174

31

 

 

 

Total

2,175

1,313

On December 31, 2009 and 2008, the total amount of long-term credit facilities arranged by AkzoNobel was €1.5 billion, maturing in 2013. Both at year-end 2009 and 2008, this facility had not been drawn. On December 31, 2009 and 2008, none of the borrowings was secured by collateral.

Finance lease liabilities are included in other borrowings and aggregated €14 million. An amount of €3 million will mature within one year and €11 million will mature in the period 2011 through 2014.

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