Loans

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Repayment of Bank Loans
In September 2019 OTE fully repaid at maturity the EBRD and BSTDB loans of Euro 64.8 million in total and COSMOTE fully prepaid before maturity the EBRD loan of Euro 58.1 million in total.

Euro 150 million bilateral term loan with the European Investment Bank (EIB)
On July 10, 2017 Cosmote signed, with the guarantee of OTE, a Euro 150.0 million bilateral term loan with EIB. On January 23, 2018, Cosmote. proceeded with the drawdown of the full amount under the Euro 150.0 million EIB loan. The EIB loan has a tenor of 7 years with semi-annual repayment schedule and bears fixed interest rate of 2.805% p.a.
 Up to December 31, 2019, Cosmote had repaid in total Euro 23.1 million, under the EIB loan. As a result, as of December 31, 2019, the nominal amount of the EIB loan was Euro 126.9 million.

Financial Covenants
The above Bank Loan include two financial covenants tested on a semi-annual basis at Group level, and on an annual basis at Cosmote level, namely:

  • The ratio of consolidated operating profit before financial and investing activities, depreciation, amortization, impairment and costs related to voluntary leave schemes (“consolidated pro-forma EBITDA”) to consolidated net interest expense should exceed 4.5:1 at all times, and
  • The ratio of consolidated net debt to consolidated pro-forma EBITDA should not exceed 2.5:1 at all times.
 
 
 

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