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 €3.7Bn at 31 December 2016:

  • €1.846Bn in euros and £1.591Bn in sterling
  • 10 tranches (5 in €, 5 in £) with an average life of 15 to 32 years
  • Average life of debt of 22 years with first repayments of principal being made since 2013
  • Original lenders: consortium consisting of Goldman Sachs International / Deutsche Bank AG

Current term loan (accounting value at 31 December 20161)

Term LoanIn €MIn £MTotal amount in €M 1
Fixed-rate loans, indexed on inflation3419141,408
Fixed-rate loans 565332 953
Floating-rate loans29403451,343
Total Loans 1,8461,5913,704

1 Based on exchange rate of £1 = €1.168 at 31 December 2016

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

  • At 31 December 2016, the Group has other commitments related to the Term Loan for €68M

  • In addition to the Term Loan, the Group's rail freight subsidiary Europorte has loans totalling €14M at 31 December 2016

  • Interest payments including payments on hedging contracts: €228M in 2016