Debt structure

The Group has a traditional debt structure with long-term loans which were put in place on 28 June 2007 (collectively known as the "Term Loan"). The total amount of the Term Loan, including indexation, was €4.02Bn at 31 December 2015:

  • €1.902Bn in euros and £1.553Bn in sterling
  • 10 tranches (5 in €, 5 in £) with an average life of 16 to 34 years
  • Interest payments including payments on hedging contracts: €257M in 2015
  • Average life of debt of 23 years with first repayments of principal being made in 2013
  • Original lenders: consortium consisting of Goldman Sachs International / Deutsche Bank AG
  • Investment Grade Rating of Baa2 (Moody's)

Current term loan (accounting value including indexation on the basis of 2% per annum at 31 December 20151)

Term LoanIn €MIn £MTotal amount in €M 1
Fixed-rate loans, indexed on inflation3808611,552
Fixed-rate loans 5833471,056
Floating-rate loans29393451,409
Total Loans 1,9021,5534,017

1 Based on exchange rate of £1 = €1.3625 at 31 December 2015

2 Floating-rate loans are fully covered by interest-rate hedging contracts

In addition to the Term Loan, the Group's rail freight subsidiaries Europorte has loans and finance leases totalling €47M at 31 December 2015.