103
Notes to the Consolidated Financial Statements (continued)
Terms and debt repayment schedule (continued)
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Financing headroom
Incurrence covenant
Heineken NV.
Report of the
Report of the
Financial
Sustainability
Other
Annual Report 2016
Introduction
Executive Board
Supervisory Board
Statements
Review
Information
In millions of EUR
Category
Currency
Nominal
interest
rate
Repayment
Carrying
amount
2016
Face
value
2016
Carrying
amount
2015
Face
value
2015
Unsecured bond
issue under 144A/RegS
USD
4.0
2042
465
474
450
459
Unsecured bond
n.a.
EUR
3.5 - 4.5
2020
17
17
19
19
Unsecured bank loans
bank facilities
EUR
4.8
2016
207
207
Unsecured bank loans
bank facilities
NGN
15 - 17
2021
51
51
14
16
Unsecured bank loans
German Schuldschein notes
EUR
1.8 - 6.2
2016
111
111
Unsecured bank loans
bank facilities
MYR
UJ
Ln
1
J>
Ln
2016
19
19
Unsecured bank loans
bank facilities
ZAR
8.6
2018
112
112
71
71
Unsecured bank loans
various
various
various
various
80
80
58
58
Secured bank loans
bank facilities
XOF
7.0
2026
57
56
Secured bank loans
bank facilities
ETB
9.5
2021
20
20
22
22
Secured bank loans
various
various
various
various
17
20
24
25
Other interest-bearing liabilities
2011 US private placement
GBP
7.3
2016
34
34
Other interest-bearing liabilities
2008 US private placement
USD
2.8
2017
85
85
83
83
Other interest-bearing liabilities
2008 US private placement
GBP
7.2
2018
37
37
44
44
Other interest-bearing liabilities
2010 US private placement
USD
4.6
2018
688
688
665
666
Other interest-bearing liabilities
2008 US private placement
USD
6.3
2018
369
370
357
358
Other interest-bearing liabilities
facilities from JVs
EUR
various
various
4
4
17
17
Other interest-bearing liabilities
various
various
various
various
76
76
33
33
Deposits from third parties
n.a.
various
various
various
622
622
595
595
12,901 12,972 12,023 12,093
As at 31 December 2016, no amounts were drawn on the existing revolving credit facility of EUR 2,500 million. This revolving credit facility
was extended by one year in May 2016 and matures in 2021. The committed financing headroom at Group level was EUR 3,112 million as at
31 December 2016 and consisted of an undrawn revolving credit facility and centrally available cash, minus commercial paper in issue at Group level.
HEINEKEN has an incurrence covenant in some of its financing facilities. This incurrence covenant is calculated by dividing net debt (excluding the
market value of cross-currency interest rate swaps) by EBITDA (beia) (both based on proportional consolidation of joint ventures and including
acquisitions made in 2016 on a pro-forma basis). As at 31 December 2016 this ratio was 2.3 (2015: 2.4). If the ratio would be beyond a level of 3.5,
the incurrence covenant would prevent HEINEKEN from conducting further significant debt financed acquisitions.