Siemens 2013 Annual Report Download - page 292

92 A. To our Shareholders 117 B. Corporate Governance 155 C. Combined Management Report
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Hybrid Bond
In September , the Company issued a subordinated hybrid
bond in a EUR tranche of € million and a GBP tranche of
£ million (€ million as of September , ), both
with a legal final maturity on September ,  and with a
call option for Siemens in  or thereafter. The instruments
bear fixed-rate interests until September , ; thereafter,
floating-rate interest is applied according to the conditions of
the bond.
Bond with Warrant Units
In fiscal , Siemens issued US$ fixed-rate bonds with war-
rant units in an aggregate principal amount of US$ billion in
two tranches, comprising: () US$. billion (€. billion as of
September , ) in .% instruments maturing on August
,  and () US$. billion (€. billion as of September ,
) in .% instruments maturing on August , . Each
of the US$. billion instruments were issued with , de-
tachable warrants. The warrants’ exercise price was fixed in
Euro. The warrants were classified as equity instruments with
a fair value of € million at issuance presented in the capital
reserve in line item Other changes in equity. The warrants
entitle the holders, at their option, to receive ,.
Siemens AG shares per warrant at an exercise price per share
of €. during the exercise period which matures on Au-
gust ,  and August ,  for instruments () and instru-
ments (), respectively. After the spin-off of OSRAM in fiscal
, the warrants entitle the holders to obtain OSRAM shares
in addition to Siemens shares. Accordingly, the warrants no
longer qualify as equity instruments since the approval of the
spin-off in January  and the warrants’ fair value of €
million was reclassified from line item Capital reserve to
non-current other financial liability. The warrants result in op-
tion rights relating to a total of . million Siemens AG shares.
C) ASSIGNABLE AND TERM LOANS
The Company has assignable loans. The loans were issued in
four tranches, totaled € million and € million in notional
amount as of September ,  and  (carrying amount
€ million and € million as of September ,  and )
and are for general corporate purposes. They consist of two
fixed-rate tranches: €. million .% notes due and re-
deemed at face value in June  and € million .%
notes due on June , . The floating-rate tranches of €
million bearing interest of .% above six months EURIBOR due
June ,  and €. million bearing interest of .% above
six months EURIBOR due June ,  were called in August
 and were redeemed in December  at their face value.
Additionally, in fiscal , the Company signed two bilateral
US$ million term loan facilities (in aggregate € million
as of September , ). The facilities have a term of five
years expiring March ,  with two one-year extension op-
tions, were fully drawn in fiscal  and bear interest of .%
above three months LIBOR.
D) CREDIT FACILITIES
The credit facilities at September ,  and  consisted
of €. billion and €. billion, respectively, in committed lines
of credit. As of September , , those include: () a €.
billion undrawn syndicated multi-currency revolving credit fa-
cility, entered into in fiscal ; in fiscal , its maturity has
been extended by one year to April ,  with a remaining
one-year extension option; () a US$. billion (€. billion as
of September , ) undrawn syndicated multi-currency re-
volving credit facility provided by a syndicate of international
banks with a five year tenor and two one-year extension op-
tions, which was signed in September . It replaces the pre-
vious US$. billion syndicated multi-currency credit facility
which expired August , . The US$. billion facility com-
prised a US$. billion floating-rate term loan bearing interest
of .% above three months LIBOR which was drawn in Janu-
ary  and redeemed at face value at maturity as well as a
US$. billion revolving tranche undrawn; () a € million
revolving credit facility provided by a domestic bank expiring
September , .
As of September ,  and , €. billion and €. billion
of these lines of credit remained unused. Commitment fees for
the years ended September ,  and  amount to €
million and € million, respectively. The facilities are for gener-
al business purposes.
As of September ,  and , the aggregate amounts of
indebtedness maturing during the next five years and there-
after are as follows (excluding finance leases which are dis-
closed separately):
September 30,
(in millions of €) 2013 2012
Within one year 1,924 3,793
After one year but not more than five years 10,423 9,214
More than five years 7,976 7,539
20,323 20,546