Loans

Euro 339 million Syndicated Loan arranged by the European Bank for Reconstruction and Development (“EBRD”) and Euro 50 million parallel Loan by the Black Sea Trade and Development Bank (“BSTDB”)

On September 12, 2016 OTE signed a Euro 339.0 million Syndicated Loan arranged by the EBRD and a Euro 50.0 million parallel bilateral loan with the BSTDB. Both loan facilities include same terms and conditions and specifically have a three-year tenor and will be repaid in equal semi-annual installments. Both loan facilities bear an interest rate of Euribor plus margin of 3.5% p.a. for the EBRD facility and of 2.5% p.a. for the BSTDB facility.

On September 26, 2016 OTE drew the full amounts of Euro 339.0 million and of Euro 50.0 million under these loan facilities. Both Loans mature on September 16, 2019.  
 
Up to June 30, 2019 OTE had repaid in total Euro 282.5 million and Euro 41.7 million respectively, under the abovementioned loans. As a result, the nominal amount of these loan facilities as of June 30, 2019 was Euro 56.5 million and Euro 8.3 million respectively.
 
 
Euro 150 million bilateral term loan with the European Investment Bank (EIB) and Euro 150 million syndicated facility arranged by the European Bank for Reconstruction and Development (EBRD)
 
On July 10, 2017 Cosmote signed, with the guarantee of OTE, a Euro 150.0 million bilateral term loan with EIB and a Euro 150.0 million syndicated facility arranged by EBRD.  
 
On October 3, 2017 Cosmote proceeded with the drawdown of the full amount under the Euro 150.0 million EBRD loan. The EBRD loan is a syndicated facility (structured as an A/B loan) and has a maximum tenor of 3.5 years with semi-annual repayment schedule. The A Loan and B Loan bear floating interest rate with a margin of 2.95% p.a. and of 2.90% p.a. over Euribor respectively.
 
Up to June 30, 2019, Cosmote had repaid in total Euro 68.9 million, under the EBRD loan. As a result, as of June 30, 2019, the nominal amount of the EBRD loan was Euro 81.1 million.
 
 
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 June 30, 2019, Cosmote had repaid in total Euro 11.5 million, under the EIB loan. As a result, as of June 30, 2019, the nominal amount of the EIB loan was Euro 138.5 million.
 
Financial Covenants

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

  1. 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
  2. The ratio of consolidated net debt to consolidated pro-forma EBITDA should not exceed 2.5:1 at all times.
 
The above covenants apply also at Cosmote level for its Bank Loans, on an annual basis. 

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