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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 June 30, 2020, Cosmote had repaid in total Euro 34.6 million, under the EIB loan. As a result, as of June 30, 2020, the nominal amount of the EIB loan was Euro 115.4 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 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.