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The table below summarizes loans from credit institutions to the Group as it studies the principal amounts incurred at fixed and variable rates.
ENTITIES
Nature
of the loan
Fixed rate
Variable rate
Total amount
in €M
Capital
remaining due
at 12/31/2017 in
millions
of euros
Maturity date
Existence
or not of
interest rate
or currency
hedges
Covenant
LISI S.A
Conventional
loan
Euribor
3 months + margin
30.0
9.0 2019
Partly covered
by a SWAP
[1]
Conventional
loan
Euribor
3 months + margin
30.0
9.0 2019
Partly covered
by a SWAP
[1]
Conventional
loan
Euribor
3 months + margin
30.0
30.0 2021
Partly covered
by a SWAP
Conventional
loan
1.00%
30.0
30.0 2022
[1]
Conventional
loan
0.65%
15.0
13.3 2024
[1]
Conventional
loan
0.65%
15.0
13.4 2024
[1]
Conventional
loan
0.65%
15.0
13.4 2024
[1]
USPP*
3.64%
56.0
48.0 2023
[2]
USPP*
1.82%
20.0
20.0 2025
[2]
USPP*
1.78%
40.0
40.0 2026
[2]
CREUZET AERONAUTIQUE
Conventional
loan
Euribor
1 month + margin
3.9
1.3 2020
Covered by a
SWAP
[1]
BLANC AERO INDUSTRIES
Conventional
loan
Euribor
3 months + margin
11.5
10.2 2031
Covered by a
SWAP
[1]
LISI AUTOMOTIVE Former
Conventional
loan
Euribor
3 months + margin
6.0
3.3 2021
3.0
2.1
2024
3.0
2.3 2024
[1]
LISI AUTOMOTIVE KNIPPING
Espana S.A
Conventional
loan
1-year Euribor
+ margin
6.5
0.5 2018
LISI MEDICAL Fasteners
Conventional
loan
Euribor
3 months + margin
4.5
2.5 2024
Covered by a
SWAP
[1]
TOTAL 429.4
248.2
* USPP: US Private Placement.
2.5.6.2 Related covenants
The Group has no bank facilities based on its credit rating. The
contracts entered into include conventional clauses regarding the
financial health of the Group or its subsidiaries. The definition and
levels of ratios, alsocalled “financial covenants”, are set by prospective
mutual agreement with the credit institutions. Compliance with these
ratios is assessed once a year only, at year end. Failure to comply with
these ratios entitles the credit institutions to impose early repayment
(total or partial) of the facilities granted.
For the reader’s information, the “financial covenants” related to
62
LISI 2017 FINANCIAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
3