Vodafone 2012 Annual Report Download - page 60

58
Vodafone Group Plc
Annual Report 2012
Committed facilities
The following table summarises the committed bank facilities available
to us at 31 March 2012.
Committed bank facilities Amounts drawn
1 July 2010
€4.2 billion syndicated
revolving credit facility,
maturing 1 July 2015
No drawings have been made against this
facility. The facility supports our commercial
paper programmes and may be used for
general corporate purposes including
acquisitions.
9 March 2011
US$4.2 billion
syndicated revolving
credit facility, maturing
9March2016, US$4.1
billion of this facility
has been extended by
one year, maturing 9
March 2017
No drawings have been made against this
facility. The facility supports our commercial
paper programmes and may be used for
general corporate purposes including
acquisitions.
16 November 2006
€0.4 billion loan
facility, maturing
14February 2014
This facility was drawn down in full on
14February 2007.
28 July 2008
€0.4 billion loan
facility, maturing
12August 2015
This facility was drawn down in full on
12August 2008.
15 September 2009
€0.4 billion loan
facility, maturing
30July 2017
This facility was drawn down in full on 30 July
2010.
29 September 2009
US$0.7 billion
exportcredit
agencyloan facility,
nal maturitydate
19September 2018
This facility is fully drawn down and is
amortising.
8 December 2011
€0.4 billion loan
facility, maturing
onthe seven year
anniversary of the
rstdrawing
This facility is undrawn and has an availability
period of 18 months. The facility is available for
nancing a project to increase the service
availability of the UMTS (3G) mobile network
in Italy.
20 December 2011
€0.3 billion loan
facility, maturing
onthe seven year
anniversary of the
rstdrawing
This facility is undrawn and has an availability
period of nine months. The facility is available
for nancing a project to upgrade and expand
the mobile telecommunications networks in
Turkey and Romania.
Under the terms and conditions of the €4.2 billion and US$4.2 billion
syndicated committed bank facilities lenders have the right, but not the
obligation, to cancel their commitments and have outstanding
advances repaid no sooner than 30 days after notication of a change of
control. This is in addition to the rights of lenders to cancel their
commitment if we commit an event of default; however, it should be
noted that a material adverse change clause does not apply.
The facility agreements provide for certain structural changes that do
not affect the obligations to be specically excluded from the denition
of a change of control.
The terms and conditions of the €0.4 billion loan facility maturing on
14February 2014 are similar to those of the €4.2 billion and
US$4.2billion syndicated committed bank facilities with the addition
that, should our Turkish operating company spend less than the
equivalent of €0.8 billion on capital expenditure, we will be required
torepay the drawn amount of the facility that exceeds 50% of the
capital expenditure.
The terms and conditions of the €0.4 billion loan facility maturing
12August 2015 are similar to those of the €4.2 billion and US$4.2 billion
syndicated committed bank facilities with the addition that, should our
Italian operating company spend less than the equivalent of €1.5 billion
on capital expenditure, we will be required to repay the drawn amount
of the facility that exceeds 18% of the capital expenditure.
The loan facility agreed on 15 September 2009 provides €0.4 billion
ofseven year term nance for the Group’s virtual digital subscriber line
(‘VDSL’) project in Germany. The terms and conditions are similar to
those of the €4.2 billion and US$4.2 billion syndicated committed bank
facilities with the addition that should the Group’s German operating
company spend less than the equivalent of €0.8 billion on VDSL related
capital expenditure, we will be required to repay the drawn amount of
the facility that exceeds 50% of the VDSL capital expenditure.
The Group entered into an export credit agency loan agreement on
29September 2009 for US$0.7 billion. The terms and conditions of
thefacility are similar to those of the €4.2 billion and US$4.2 billion
syndicated committed bank facilities with the addition that the
Company was permitted to draw down under the facility based on the
eligible spend with Ericsson up until the nal drawdown date of 30 June
2011. Quarterly repayments of the drawn balance commenced on
30June 2010 with a nal maturity date of 19 September 2018.
The terms and conditions of the €0.4 billion loan facility agreed
on8December 2011 are similar to those of the €4.2 billion and
US$4.2billion syndicated committed bank facilities with the addition
that, should our Italian operating company spend less than the
equivalent of €1.3 billion on capital expenditure, we will be required
torepay the drawn amount of the facility that exceeds 50% of the
capital expenditure.
The terms and conditions of the €0.3 billion loan facility agreed
on20December 2011 are similar to those of the €4.2 billion and
US$4.2billion syndicated committed bank facilities with the addition
that, should our Turkish and Romanian operating companies spend
lessthan the equivalent of €1.3 billion on capital expenditure, we will be
required to repay the drawn amount of the facility that exceeds 50% of
the capital expenditure.
Furthermore, certain of our subsidiaries are funded by external facilities
which are non-recourse to any member of the Group other than the
borrower due to the level of country risk involved. These facilities may
only be used to fund their operations. At 31 March 2012 Vodafone India
had facilities of INR 396 billion (£4.9 billion) of which INR 340 billion
(£4.2billion) is drawn. Vodafone Egypt has partly drawn EGP 1.2 billion
(£126 million) from a syndicated bank facility of EGP 4.0 billion
(£414million) that matures in March 2014. Vodacom had fully drawn
facilities of ZAR 11.2 billion (£912 million), US$94 million (£59 million)
and TZS 115 billion (£45 million). Vodafone Americas has a US$1.4 billion
(£875 million) US private placement with a maturity of 17 August 2015
as well as a US$850 million (£532 million) US private placement with
amaturity of 11 July 2016. Ghana had a facility of US$240 million
(£150million) of which US$203 million (£127 million) was drawn with
anal maturity of 15 March 2018.
In aggregate we have committed facilities of approximately
£17,304million, of which £7,865 million was undrawn and
£9,439million was drawn at 31 March 2012.
We believe that we have sufcient funding for our expected working
capital requirements for at least the next 12 months. Further details
regarding the maturity, currency and interest rates of the Group’s
grossborrowings at 31 March 2012 are included in note 22 to the
consolidated nancial statements.
Financial position and resources (continued)