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Debt Structure

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Debt Structure

Borrowings
(Millions of euro)
December 31,

2019

2018 2017 2016 2015
Bank overdrafts 0.3 0.3 1,4 - 3.0
Short-term bank loans 10.0 3.0 54,0 10,0 36.0
Short-term portion of long-term bank loans 60.0 - - -
Convertible Bonds 147.8 - - -
Debt to the factoring company 8.4  - 10,0 10,0 5.0
Short-term borrowings 19.2 211.1 65,4 20,0 44.0
 
Long-term loans 72.9  - - - -
Convertible Bonds - 142,5 137,4 132.5
Long-term borrowings 72.9  - 142,5 137,4 132.5
 
Short-term portion of financial lease liability IFRS 16 9.7 - - - -
Long-term portion of financial lease liability IFRS 16 37.3 - - - -
Financial lease liability IFRS 16 47.0 - - - -
 
Total 139.1  211,1 207,9 157,4 176.5

 

In 2019 the Group has accomplished the expected reimbursement of the remaining Euro 60 million loan under the Revolving Credit Facility Agreement signed in 2014 and expired on 31 January 2019 (the “2014 RCF”) and Euro 150 million Equity Linked Bonds 2014-2019 issued by the Parent company Safilo Group S.p.A. and expired on 22 May 2019. This final step completed the refinancing plan carried out by the Group during 2018, for a total amount of Euro 300 million split between a share capital increase and a new credit agreement expiring in 2023.

In particular, the new committed, unsubordinated and unsecured Term and Revolving Credit Facility Agreement for a total amount equal to Euro 150 million (the “2018 T&RCF”), including a Term loan facility of Euro 75 million and a Revolving Credit Facility of equal amount, both maturing on 30 June 2023, has been provided to the subsidiary Safilo S.p.A. by a pool of banks formed by Banca IMI S.p.A., BNP Paribas Italian Branch and Unicredit S.p.A. as arrangers and BNP Paribas Italian Branch, Intesa Sanpaolo S.p.A., ING Italian Branch and Unicredit S.p.A. as lenders. It can be partially syndicated and increased up to a maximum amount of Euro 200 million. Following repayment and cancellation of the “2014 RCF”, the “2018 T&RCF” has become effectively available upon the above mentioned redemption at maturity of the Euro 150 million Equity Linked Bonds 2019.

Excluding the impact of the IFRS 16 new financial lease liability, recognised starting from the transition date 1 January 2019 and representing the financial commitment deriving from the lease contracts under which the Group is a lessee, on 31 December 2019 the Group exhibits short-term borrowings for a total amount of Euro 19,159 thousands and long-term borrowings for Euro 72,864 thousand related to the new “2018 T&RCF”, and specifically to the Term loan facility for Euro 65,000 thousand and to the Revolving Credit Facility for Euro 10,000 thousand. The new Term and Revolving Facility is carried at amortized cost, the outstanding transaction costs amortized along the duration of the facility and reported as its reduction amount to Euro 2,136 thousand. This new committed, unsubordinated and unsecured Term and Revolving Facility Agreement is subject to operating and financial commitments, standard for similar transactions. At 31 December 2019 the Group complies with all the outstanding covenants.

The short-term factoring facility has been utilized at 31 December 2019 by the subsidiary Safilo S.p.A. (it has not been utilized at 31 December 2018).


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