Most of the facilities and notes below were entered into to part fund the acquisition of our Contract Logistics business on 4 November 2006 and our Freight Management business on 2 August 2007. The facilities and notes described below are long term in nature and do not require any material repayments until November 2012.
Senior secured facilities
On 4 November 2006, the Group entered into senior secured facilities with certain banks for an initial amount of €500 million to part-finance the acquisition of TNT's former logistics business. These facilities were amended and restated on 4 January 2007, and were subsequently expanded on 2 August 2007 by US$425 million to part finance the acquisition of EGL. The senior secured facilities mature on 4 November 2013 with the exception of the outstanding €185 million revolving credit facility maturing on 4 November 2012.
Lien-and-a-half senior secured notes
On 6 October 2009, the Group issued US$210 million 11.625% lien-and-a-half senior secured notes due 2016. Net proceeds of US$196 million were raised for general corporate purposes.
On 13 August 2007, the Group issued US$400 million of second-priority senior notes. These notes mature on 1 September 2014 and have an annual coupon of 10%. Interest is payable on 1 March and 1 September each year and commenced on 1 March 2008.
On 22 July 2009, the Group settled the private exchange offers announced on 19 June 2009. At the time of an exchange an amount equivalent to €210 million of 12% second-priority senior secured notes due 2014 was issued, comprising €120 million issued in exchange for €153 million 8.5% senior notes due 2014 and €50 million 10% senior subordinated notes due 2016 and US$127 million (equivalent to €90 million) issued in exchange for US$205 million (equivalent to €146 million) of the senior unsecured loan facility due 2015. The gain relating to this transaction amounted to €135million.
On 6 December 2006, the Group issued €505 million of 8.5% senior notes. The senior notes mature on 1 December 2014. Interest on the senior notes is payable on 1 June and 1 December each year and commenced on 1 June 2007. The senior notes bear interest at 8.5% per annum. In November 2008, CEVA purchased senior notes with a nominal face value of €12 million for a total cost of €5 million. As a result of this transaction, CEVA Group Plc recorded a gain of €7 million as finance income in the 2008 Consolidated Income Statement. As at 31 December 2009 the outstanding amount of the senior notes is €339 million.
On 2 August 2007, CEVA Group Plc entered into a US$1.4 billion senior unsecured loan facility. This facility was partially replaced on 13 August 2007 when the Group issued US$400 million of second priority senior secured notes. In 2008, the remaining US$1.0 billion senior unsecured loan facility was converted into a senior unsecured loan, maturing in 2015. This senior unsecured loan has a floating interest rate which is capped. At at 31 December 2009 the outstanding amount of the senior unsecured loan US$794 million.
On December 6, 2006, the Group issued €225 million of 10% senior subordinated notes. These senior subordinated notes mature on 1 December 2016. Interest on the senior notes is payable on 1 June and 1 December each year and commenced on 1 June 2007. The senior subordinated notes bear interest at a rate of 10% per annum. In November 2008, CEVA purchased senior subordinated notes with a nominal face value of €37 million for a total cost of €14 million. As a result of this transaction, CEVA Group Plc has recorded a gain of €23 million as finance income in the 2008 Consolidated Income Statement. As at 31 December 2009 the outstanding amount of the senior subordinated notes is €138 million.