318 / 348
4
Note 17. Borrowings
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements |
Statutory Financial Statements
Note 17.
Borrowings
17.3. Other borrowings
As of December 31, 2014, the aggregate amount of borrowings totaled €7,769.1 million, compared to €16,026.9 million as of December 31, 2013.
17.1. Bond issues
As of 31 December 2014, bond issues were €1,950.0 million (as presented in the table below) with additional accrued interest of €15.3 million, compared
to €7,527.2 million with additional accrued interest of €152.4 million, as of December 31, 2013.
Amounts in millions of euros
Issue date
Maturity date
Nominal rate
500.0
12/2009
12/01/16
4.25%
700.0
12/2009
12/02/19
4.88%
750.0
03/2010
03/31/17
4.00%
1,950.0
During fiscal year 2014, Vivendi redeemed, at maturity, a bond of
€894.0 million issued in January 2009.
In December 2014, to further enhance its balance sheet, following the
sale of SFR on November 27, 2014 (see “Significant Events”), Vivendi
early redeemed its euro and US dollar denominated bonds that contained
a make whole option.
p
p
The following euro-denominated bonds were early redeemed for a
total amount of €4,250.0 million:
–– €1,250.0 million with a maturity date of July 2017;
–– €500.0 million with a maturity date of November 2018;
–– €750.0 million with a maturity date of January 2019;
–– €700.0 million with a maturity date of January 2020; and
–– €1,050.0 million with a maturity date of July 2021.
p
p
The following US dollar-denominated bonds were early redeemed for
a total amount of $594.8 million:
–– $650 million with a maturity date of January 2018 (balance of
$94.8 million);
–– $700 million with a maturity date of April 2018 (balance of
$241.0 million); and
–– $800 million with a maturity date of April 2022 (balance of
$259.1 million).
17.2. Bank borrowings
As of December 31, 2014, the aggregate amount of loans and borrowings
from credit institutions was €334.5 million, compared to €3,683.7 million
as of December 31, 2013. The majority of loans and borrowings comprised
accounting overdrafts for €325.8 million and short-term commercial
papers for €8.1 million.
As of February 11, 2015, the date on which the Vivendi’s Management
Board approved the 2014 Financial Statements, Vivendi SA had available
a credit facility in the amount of €2.0 billion (compared to €7.1 billion as
of December 31, 2013) undrawn at year-end 2014:
p
p
in November 2014, concomitantly with the sale of SFR, Vivendi
renegotiated its €1.5 billion bank credit facility, which was due to
mature in March 2018, to increase the amount to €2.0 billion and
extend its maturity to October 2019 (plus two one-year renewal
options, and thus a possible maturity of 7 years);
p
p
the renegotiation of the €1.5 billion credit facility resulted in the
anticipated early cancellation of the following credit facilities for a
total amount of €5,640 million:
–– a €1 billion credit facility, with a maturity date of September 2015,
set up in September 2010,
–– a €2.0 billion credit facility, with a maturity date of May 2016, set
up in May 2011,
–– a €1.1 billion credit facility, with a maturity date of January 2017,
set up in January 2012,
–– a €40 million revolving facility with a maturity date of
January 2015, set up on January 2012, and
–– a €1.5 billion credit facility, with a maturity date of May 2017, set
up in May 2012.
As of December 31, 2014, other borrowings amounted to €5.5 billion and
comprised current account deposits made by subsidiaries, including from
UMGT, the financing subsidiary of the music business for €3.5 billion
and from SIG 104, Vivendi’s subsidiary that holds UMG’s entities outside
the United States, Canada and Mexico, for €1.3 billion, compared to
€4.7 billion as of December 31, 2013.
318
Annual Report 2014