Vodafone 2014 Annual Report Download - page 147

Committed facilities
In aggregate we have committed facilities of approximately £10,033 million, of which £6,530 million was undrawn and £3,503 million was drawn
at 31 March 2014. The following table summarises the committed bank facilities available to us at 31 March 2014.
Committed bank facilities Amounts drawn Terms and conditions
28 March 2014
€3.9 billion syndicated
revolvingcredit facility,
maturing 28 March 2019.
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.
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 euro 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 facility matures on 28 March 2019, with each lender having the
option to (i)extend the Facility for a further year prior to the rst
anniversary of the Facility and should such extension be exercised, to
(ii)extend the Facility for a further year prior to the second anniversary
ofthe Facility, in both cases if requested by the Company.
9 March 2011
US$4.2 billion syndicated
revolving credit facility, with
US$0.1 billion maturing 9March
2016 and US$4.1 billion
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.
27 November 2013
£0.5 billion loan facility,
maturing on the seven year
anniversary of the rst drawing.
This facility is undrawn and has an
availability period of eighteen months.
The facility is available to nance a
project to upgrade and expand the
network in the UK and Ireland.
As the syndicated revolving credit facilities with the addition that, should
our UK and Irish operating companies spend less than the equivalent of
£0.9 billion on capital expenditure, we will be required to repay the drawn
amount of the facility that exceeds 50% of the capital expenditure.
28 July 2008
€0.4 billion loan facility,
maturing 12 August 2015.
This facility was drawn down in full
on12 August 2008.
As the syndicated revolving credit 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.
15 September 2009
€0.4 billion loan facility,
maturing 30 July 2017, for
the German virtual digital
subscriber line (‘VDSL’) project.
This facility was drawn down in full
on30 July 2010.
As the syndicated revolving credit facilities with the addition that, should
our 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.
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.
As the syndicated revolving credit facilities with the addition that the
Company was permitted to draw down under the facility based upon the
eligible spend with Ericsson up until the nal draw down date of 30 June
2011. Quarterly repayments of the drawn balance commenced on
30 June 2012 with a nal maturity date of 19 September 2018.
8 December 2011
€0.4 billion loan facility,
maturing on the seven year
anniversary of the rst drawing.
This facility was drawn down in full
on5 June 2013.
As the syndicated revolving credit 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.
20 December 2011
€0.3 billion loan facility,
maturing 18 September 2019.
This facility was drawn down in full
on18 September 2012.
As the syndicated revolving credit 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.
4 March 2013
€0.1 billion loan facility,
maturing 4 December 2020.
This facility was drawn down in full
on4 December 2013.
Vodafone Group Plc
Annual Report 2014 145Overview
Strategy
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