Page 202 - 2012 Annual Report

202 VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
I - 2012 FINANCIAL REPORT
SECTION 5 TREASURY AND CAPITAL RESOURCES
5.4. NEW FINANCINGS
Bonds
In January 2012, Vivendi issued a €1,250 million bond, with a 5.5-year
maturity and a 4.125% coupon, and an effective rate of 4.31%.
In April 2012, Vivendi made the following transactions in the bond
markets:
✱ A $2 billion bond issue consisting of the following three tranches:
– $550 million with a 2.4% coupon maturing in April 2015 and an
effective rate of 2.50%. A USD-EUR foreign currency hedge (cross-
currency swap) was set up to hedge this tranche with a rate of
1.3082 USD/EUR, or a €420 million counter value at maturity;
– $650 million, with a 3.450% coupon maturing in January 2018 and
an effective rate of 3.56%; and
– $800 million, with a 4.750% coupon maturing in April 2022 and an
effective rate of 4.91%.
This bond notably allowed the early redemption, through a tender
offer, of the $700 million bond, with an initial scheduled maturity in
April 2013.
✱ A €300 million tap issue on the €750 million bond maturing in
July 2021, with a 4.750% coupon. This transaction increased the total
amount of the bond issue to €1,050 million, with an effective rate of
4.67% (compared to 4.90% as of December 31, 2011).
In December 2012, Vivendi issued a €700 million bond, with a 7-year and
one month maturity and a 2.500% coupon, and an effective rate of 2.65%.
Moreover, the bonds issued in February and July 2005 for €600 million and
€1,000 million were redeemed upon maturity in February and July 2012,
respectively.
Bank credit facilities
✱ In January 2012, Vivendi set up a €1.1 billion bank credit facility
with a 5-year maturity, which permitted the early refinancing of
the €1.5 billion credit facility with an initial scheduled maturity in
December 2012 and a €0.5 billion SFR syndicated loan with an initial
scheduled maturity in March 2012; and
✱ In May 2012, Vivendi set up a €1.5 billion bank credit facility maturing
in May 2017, which permitted the early refinancing of the two credit
facilities for a total amount of €3 billion (the €2 billion credit facility
set up in August 2006, maturing in August 2013 for €1.7 billion and in
August 2012 for €0.3 billion, as well as the €1 billion credit facility set
up in February 2008, maturing in February 2013).
Moreover, in June 2012, Vivendi increased the maximum amount
authorized by the Banque de France regarding Vivendi SA’s commercial
paper program from €3 billion to €4 billion.
For a detailed analysis of the bond and bank credit facilities as of December 31, 2012, please refer to Note 22 to the Consolidated Financial Statements
for the year ended December 31, 2012.