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Loans

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. The EIB loan was fully drawn on January 23, 2018, has a tenor of 7 years with semi-annual repayment schedule and bears fixed interest rate of 2.805% p.a.

Up to September 30, 2020, Cosmote had repaid in total Euro 46.2 million, under the EIB loan. As a result, as of September 30, 2020, the nominal amount of the EIB loan was Euro 103.8 million.

Euro 200 million Revolving Credit Facility with National Bank of Greece and Alpha Bank
On July 24, 2020 OTE S.A. signed a Bond Loan Agreement, in the form of committed Revolving Credit Facility of Euro 200 million in total and a tenor of 2 years, with the syndication of National Bank of Greece and Alpha Bank SA.

As of September 30, 2020 the Facility was not drawn.

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

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

In the EIB Loan, the above covenants apply also at Cosmote level, on an annual basis.