Siemens 2008 Annual Report Download - page 182

86 Management’s discussion and analysis
Credit facilities – We have three credit facilities at our disposal for general corporate purposes. Our credit
facilities at September 30, 2008 consist of approximately €6.7 billion in committed lines of credit.
 U.S.$5.0 billion undrawn syndicated multi-currency revolving credit facility expiring March 2012 provided
by a syndicate of international banks;
 €450 million undrawn revolving credit facility expiring September 2012 provided by a domestic bank;
 U.S.$4.0 billion syndicated multi-currency credit facility expiring August 2013 provided by a syndicate of
international banks. The facility comprises a U.S.$1.0 billion term loan which was drawn in January 2007
and an undrawn U.S.$3.0 billion revolving tranche.
As of September 30, 2008, approximately €6.0 billion of these lines of credit remained unused.
Commercial paper program – We have a U.S.$9 billion (approximately €6.3 billion) global multi-currency
commercial paper program in place, including U.S.$ extendable notes capabilities. As of September 30, 2008,
the nominal amount outstanding under this program was U.S.$283 million (approximately €198 million).
Our issues of commercial paper have a maturity of typically less than 90 days.
Medium-term note program – We have a “programme for the issuance of debt instruments” (medium-term
note program) of €5.0 billion in place which we updated in May 2008. In June 2008, we issued a Eurobond under
this program in an aggregate amount of €3.4 billion, comprising three tranches: a tranche of €1.2 billion due
2011, a second tranche of €1.0 billion due 2014 and a third tranche of €1.2 billion due 2018. In August 2008,
we increased two tranches of this Eurobond issue by €750 million, €350 million due 2011 and €400 million due
2018. In scal 2006, we issued bonds of U.S.$1.0 billion in a tranche of U.S.$500 million due 2012 and a tranche
of U.S.$500 million due 2016 also under this program. The nominal amount outstanding under the medium-
term note program was approximately €4.9 billion as of September 30, 2008.
None of our credit facilities contain a material adverse change provision of the type often found in facilities of
such nature and none of our global commercial paper and medium-term note programs nor our credit facili-
ties contain specic nancial covenants such as rating triggers or interest coverage, leverage or capitalization
ratios that could trigger remedies, such as acceleration of repayment or additional collateral.
Other nancing instruments – In May 2008, we issued four series of assignable loans (“Schuldscheindarlehen”)
in an aggregate amount of €1.1 billion, two tranches totaling €483.5 million maturing 2013 and two tranches
totaling €616.5 million maturing 2015.
Also in May 2008, we issued €500 million extendable notes in the format of a private placement, maturing 2009
(or 2010 and 2011, subject to an extension option by the note-holders).
In scal 2006, the Company issued two series of notes, each U.S.$750 million maturing 2009 and 2012, as well
as two series of notes, each U.S.$1.750 billion maturing 2016 and 2026. In scal 2001, the Company issued
a Eurobond in an aggregate amount of €4.0 billion comprising two tranches, of which a tranche of €2.0 billion
maturing 2011 is still outstanding.