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.
On September 26, 2016 OTE drew the full amounts of Euro 339.0 million and of Euro 50.0 million under these loan facilities.
Up to March 31, 2018 OTE had repaid in total Euro 169.5 million and Euro 25.0 respectively, under the abovementioned loans. As a result, the nominal amount of these loan facilities as of March 31, 2018 was Euro 169.5 million and Euro 25.0 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 S.A. 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 SA proceeded with the drawdown of the full amount under the Euro 150.0 million EBRD Loan. The EBRD syndicated facility (structured as an A/B loan) has a maximum tenor of 3.5 years with semi-annual repayment schedule. The A Loan and B Loan bear floating interest rate which includes a margin of 2.95% p.a. and margin of 2.90% p.a. over Euribor respectively.
Up to March 31, 2018, COSMOTE had repaid in total Euro 23.0 million, under the EBRD loan. As a result, as of March 31, 2018, the nominal amount of the EBRD loan was Euro 127.0 million.
On January 23, 2018, Cosmote SA 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, will be repaid via equal semi-annual installments and the interest rate was set at 2.805% p.a.
As of March 31, 2018, the nominal amount of the EIB loan was Euro 150.0 million.
All the above Bank Loans include two financial covenants tested on a semi-annual basis at Group level, namely:
(a) The ratio of consolidated operating profit before financial and investing activities, depreciation, amortization and 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
(b) 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.