Revolving Credit Facility
On 5 May 2011, Heineken N.V. announced the successful closing of a new Revolving Credit Facility for an amount of EUR2 billion with a syndicate
of 17 banks. The new self-arranged credit line has a tenor of five years with two 1 -year extension options and can be used for general corporate
purposes. The new Revolving Credit Facility replaces the existing EUR2 billion facility. As at 31 December 2011the committed available financing
headroom was approximately EUR1.3 billion, including cash available at Group level.
On 27 October 2011EIEINEKEN issued USD90 million of notes with a 6-year maturity, further improving the currency and maturity profile of its
long-term debt.
EMTN Programme
In September 2008, HEINEKEN established a Euro Medium Term Note ("EMTN") Programme which was subsequently updated in September 2009
and September 2010. The programme allows HEINEKEN from time to time to issue Notes. Currently approximately EUR1.9 billion of Notes is outstanding
under the programme. The programme can be used for issuance up to one year after its latest update. The EMTN Programme and all Heineken N.V.
bonds are listed on the Luxembourg Stock Exchange. HEINEKEN still has a capacity of EUR3.1 billion under this programme. HEINEKEN is in the
process of updating the programme.
Incurrence covenant
HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing Net Debt (calculated in
accordance with the consolidation method of the 2007 Annual Accounts) by EBITDA (beia) (also calculated in accordance with the consolidation
method of the 2007 Annual Accounts and including the pro-forma full-year EBITDA of any acquisitions made in 2011). As at 31 December 2011
this ratio was 2.1 (2010:2.1If the ratio would be beyond a level of 3.5, the incurrence covenant would prevent us from conducting further significant
debt financed acquisitions.
26. Finance lease liabilities
Finance lease liabilities are payable as follows:
Present
Present
Future
value of
Future
value of
minimum
minimum
minimum
minimum
lease
lease
lease
lease
payments
Interest
payments
payments
Interest
payments
2011
2011
2011
2010
Less than one year
7
(1)
6
49
(1)
48
Between one and five years
27
(1)
26
39
(3)
36
More than five years
7
-
7
13
(2)
11
41
(2)
39
101
(6)
95
Heineken N.V. Annual Report 2011
117
