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Oustanding gross debt (excl. lease liabilities)
| Borrowings - 31 December 2020 | Interest rate | Maturity date | Available amount | Drawn | Undrawn | Covenants(*) |
|---|---|---|---|---|---|---|
| $150m private placement | Fixed | Jan-23 | $150m | EBITDA interest coverage ≥ 4.5x (1) Gross Debt / EBITDA ≤ 3.5x (1) |
||
| $40m private placement | Fixed | Sep-21 | $40m | |||
| $80m private placement | Fixed | Sep-24 | $80m | |||
| $55m private placement | Fixed | Sep-25 | $55m | |||
| US private placements | $325m | |||||
| Amortizing Term Loan | Floating | Jun-23 | $150m | $150m | $0m | |
| Revolving Credit Facility | Floating | Jun-23 | $200m | $200m | $0m | |
| Other loans | $350m | |||||
| Total - HMS Host Corp | $675m | |||||
| Revolving Credit Facility | Floating | Jan-23 | €100m | €100m | €0m | EBITDA interest coverage ≥ 4.5x (1) Net Debt / EBITDA ≤ 3.5x (1) |
| Amortizing Term Loan | Floating | Mar-25 | €150m | €150m | €0m | EBITDA interest coverage adj. ≥ 4.5x (2) Net Debt / EBITDA adj. ≤ 3.5x(2) |
| Amortizing Term Loan | Floating | Jan-25 | €100m | €100m | €0m | |
| Amortizing Revolving Credit Facility | Floating | Jan-25 | €200m | €200m | €0m | |
| Amortizing Term Loan | Floating | Aug-24 | €25m | €50m | €0m | |
| Revolving Credit Facility | Floating | Aug-24 | €300m | €25m | €0m | |
| Amortizing Term Loan | Floating | Jun-25 | €300m | €0m | ||
| Other loans | €925m | |||||
| Total - Autogrill S.p.A. | €925m |
Based on nominal value of borrowings as at 31 December 2020
The Group deals with IRS to manage the effective interest rates. The chart includes committed lines facilities only
(*) On June 22nd Autogrill S.p.A. entered into an agreement with its lenders regarding the covenant holiday of the testing of the financial covenants (Leverage Ratio and Consolidated EBITDA/Consolidated Net Finance Charges) for a period of 15 months from 30 June 2020 (inclusive). Similar agreements were entered into by the US subsidiary HMSHost Corporation with its lenders, as well as with the subscribers of the outstanding USPP bonds. The agreement was further extended for additional 12 months through 31 December 2022, assuming the positive outcome of a covenant test in September 2022 at HMSHost Corp. level and obtained a “covenant holiday” until 31 December 2022 in relation to the new SACE Facility Agreement.
(1) Covenants calculation excluding the impact of IFRS16 accounting principle
(2) Covenants calculation after the impact of IFRS16 accounting principle
Breakdown by currency
Breakdown by coupon
Average cost of debt (1)
Net financial position
(1) Average cost of debt is calculated on average gross debt less cash at banks & deposits