The long-term facilities and notes below were entered into to partly fund the acquisition of our contract logistics business on November 4, 2006 and our freight management business on August 2, 2007. No significant repayment requirements until November 2012.
On November 4, 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 January 4, 2007 and were subsequently expanded on August 2, 2007 by US$425 million to part-finance the acquisition of EGL. The senior secured facilities mature on November 4, 2013.
On August 13, 2007 the Group issued US$400 million of second-lien notes. These notes mature on September 1, 2014 and have an annual coupon of 10%. Interest is payable on March 1 and September 1 each year, commenced on March 1, 2008.
Listed on the Irish Stock Exchange under SEDOL B2430V9.
On July 22, 2009 the Group settled the private exchange offers announced on June 19, 2009. 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 $127 million was issued in exchange for $205 million of the senior unsecured loan facility due 2015.
Listed on the Irish Stock Exchange under SEDOL B3XG7T3 for the USD Series and B3YB4W9 for the EUR Series.
On December 6, 2006 the Group issued €505 million of senior notes, which mature on December 1, 2014. Interest on these is payable on June 1 and December 1 each year and commenced on June 1, 2007. They 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 has recorded a gain of €7 million as finance income in the income statement. Following the above-mentioned private exchange offers the outstanding amount was reduced with €153 million on July 22, 2009.
Listed on the Irish Stock Exchange under SEDOL B1KMX36.
On August 2, 2007, CEVA Group Plc entered into a US$1,400 million senior unsecured loan facility. This facility was partially replaced on August 13, 2007 when the Group issued US$400 million of second priority senior secured notes. In 2008, the remaining US$1,000 million 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. Following the above-mentioned private exchange offers the outstanding amount was reduced with $205 million on July 22, 2009.
On December 6, 2006, the Group issued €225 million of senior subordinated notes, which mature on December 1, 2016. Interest is payable on June 1 and December 1 each year and commenced on June 1, 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 income statement. Following the above-mentioned private exchange offers the outstanding amount was reduced with €50 million on July 22, 2009.
Listed on the Irish Stock Exchange under SEDOL B1L6553.