Tranche A2 will be repaid in full upon maturity in 2017, whereas the ordinary repayment schedule for tranches A1 and B is as follows:
Tranche A1
Tranche B
31
March 2013 - 10%
30
June 2013 - 40%
31
March 2014 - 10%
31
March de 2014 - 40%
31
March 2015 - 20%
31
March de 2015 - 20%
31
March 2016 - 30%
-
31
March 2017 - 40%
-
The three tranches are tied to the Euribor plus a spread of 4.5%. However, since the option to repay €100 million of Tranche B before 31 December
2012
was not exercised, the spread from 1 January 2013 increased to 5.5%. As such, the Group has initiated proceedings to mortgage additional
assets, since it did not exercise said option. The interest rate for Tranche A1 is totally covered by interest-rate hedge agreements (see Note 19).
The Group is committed to complying with certain financial ratios on an annual basis. At 31 December 2012, it did not comply with said ratios, giving
cause for early redemption if so agreed by the lenders representing at least two thirds of the outstanding amount of the syndicated loan. Because of
this, the total outstanding amount of this loan is presented in the current liabilities heading of the consolidated balance sheet at said date. However,
on 30 April 2013, the lenders agreed to waive the Group’s obligation to comply, as a result of which the original maturity schedule for the syndicated
loan (see Note 31) remains in effect.
In addition, the Group is not able to make investments totalling more than 5% of the total sales of NH Group in the preceding financial year without
obtaining the express authorisation of the syndicated lenders.
-
A mortgage-secured credit line with RBS for €14 million, refinanced in parallel to the syndicated loan, and with similar terms and conditions.
The item “Mortgage guarantee loans” includes the following loans, among others:
-
A loan taken out with Banca IMI (Banca Intesa Group) and granted to NH ITALY S.R.L. for the amount of €75 million, which is aimed at financing the
purchase of the holding in NH Italia, as well as the refurbishment of Italian hotels. The loan was granted in July 2012 and is tied to Euribor rate plus
a spread of 4.25%. The final year of maturity is 2015, with a possible extension to 2017. This loan has a mortgage guarantee on five of the Group’s
hotel assets in Italy. The Group has requested its lenders to waive this non-compliance in order to avoid early repayment.
Furthermore, the item “Asset guarantee loans” includes the following loans:
-
A loan of €3 million granted to Jolly Hotels S.p.A. (now NH Italia) by Banca Populare de Vicenza, which accrues a Euribor-indexed interest rate with
maturity in June 2014.
In addition, the “Subordinated loans” item includes two loans for a combined amount of €75 million, totally available at 31 December 2012 and with maturity
and single repayment date at the end of their useful lives, 2036 and 2037.
The average interest rates for the Group’s loans during 2012 and 2011 were 4.93% and 3.73% respectively.
18.
OTHER NON-CURRENT LIABILITIES
The breakdown of the “Other non-current liabilities” item of the accompanying consolidated balance sheets, at 31 December 2012 and 2011, is as
follows:
€ Thousand
2012
2011
At fair value:
Put option for Donnafugata Resort, S.r.l.
9,900
5,899
Interest rate derivatives (Notes 19 and 25)
3,207
185
2007/2013
Share-Based Remuneration Scheme (Notes 19, 20 and 25)
-
43,389
At amortised cost:
Capital subsidies
19,718
21,020
Issue of promissory notes
17,428
2,719
Indemnity for termination of the Hotel NH Buhlerhöhe lease
6,032
9,275
Right of use Hotel Plaza de Armas (Note 7.1)
1,495
2,990
Loans with members
914
900
Other liabilities
1,761
1,390
60,455
87,767
90
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
