2013 Registration document and annual financial report - page 250

Registration Document 2013
248
Financial Statemements
5
Consolidated Financial Statements And Notes
Long and short-term debt after currency and interest rate hedging breaks down as follows at December 31, 2013:
(in millions of euros)
Total debt
Amount
Rate % of total debt
EUR
1,915
4.23%
91%
JPY
30
0.14%
1%
CNY
30
6.32%
1%
MUR
24
7.94%
1%
DZD
21
5.75%
1%
CZK
16
0.44%
1%
CHF
16
1.47%
1%
Other currencies
51
6.95%
3%
TOTAL LONGAND SHORT-TERM DEBT
2,103
4.28%
100%
Note 29.4. Long and short-term debt by interest rate after hedging
(in millions of euros)
Total debt
Amount
Rate
December 2012
2,238
5.37%
December 2013
2,103
4.28%
At December 31, 2013, 92% of long and short-term debt was fixed
rate, with an average rate of 4.29%, and 8%was variable rate, with
an average rate of 4.16%.
At December 31, 2013, fixed rate debt was denominated primarily
in EUR (98%), while variable rate debt was denominated mainly
in JPY (17%), CNY (17%) and EUR (14%).
None of the loan agreements include any rating triggers. However,
certain loan agreements include acceleration clauses that may be
triggered in the event of a change of control, following the acquisition
of more than 50% of outstanding voting rights. Of the overall gross
debt of €2,103 million, a total of €1,944 million worth is subject to
such clauses. In the case of bonds, the acceleration clause can be
triggered only if the change of control leads to Accor’s credit rating
being downgraded to non-investment grade.
Note, however, that in the case of the syndicated loan negotiated
in May 2011, the acceleration clause can be triggered if Accor does
not comply with the leverage ratio covenant (consolidated net debt
to consolidated EBITDA).
None of the loan agreements include a cross default clause requiring
immediate repayment in the event of default on another facility.
Cross acceleration clauses only concern loans for periods of at least
three years; these clauses would be triggered solely for borrowings
and only if material amounts were concerned.
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