The way ahead? - Vodafone

Overview
Committed facilities
In aggregate we have committed facilities of approximately £15,354 million, of which £7,672 million was undrawn and £7,682 million was drawn
at 31 March 2013. The following table summarises the committed bank facilities available to us at 31 March 2013.
Committed bank facilities Amounts drawn Terms and conditions
1 July 2010
€4.2 billion syndicated
revolving credit facility,
maturing 1 July 2015
No drawings have been made against
this facility. The facility supports our
commercial paper programmes and
may be used for general corporate
purposes including acquisitions.
9 March 2011
US$4.2 billion syndicated No drawings have been made against
revolving credit facility, with this facility. The facility supports our
US$0.1 billion maturing 9 March commercial paper programmes and
2016 and US$4.1 billion may be used for general corporate
maturing 9 March 2017 purposes including acquisitions.
16 November 2006
€0.4 billion loan facility,
maturing 14 February 2014
28 July 2008
€0.4 billion loan facility,
maturing 12 August 2015
15 September 2009
€0.4 billion loan facility,
maturing 30 July 2017,
for the German virtual digital
subscriber line (‘VDSL’) project
29 September 2009
US$0.7 billion export
credit agency loan
facility, final maturity date
19 September 2018
8 December 2011
€0.4 billion loan facility,
maturing on the seven year
anniversary of the first drawing
20 December 2011
€0.3 billion loan facility,
maturing on the seven year
anniversary of the first drawing
4 March 2013
€0.1 billion loan facility,
maturing on the seven year
anniversary of the first drawing
Business
review Performance Governance Financials
This facility was drawn down in full
on 14 February 2007.
This facility was drawn down in full
on 12 August 2008.
This facility was drawn down in full
on 30 July 2010.
This facility is fully drawn down and
is amortising.
This facility is undrawn and has
an availability period of 18 months.
The facility is available for financing
a project to increase the service
availability of the UMTS (3G) mobile
network in Italy.
This facility was drawn down in full
on 18 September 2012.
This facility is undrawn and has
an availability period of nine months.
The facility is available for financing
a project to upgrade and expand the
mobile telecommunications network
in Turkey.
Additional
information
157
Vodafone Group Plc
Annual Report 2013
Lenders have the right, but not the obligation, to cancel their
commitments and have outstanding advances repaid no sooner than
30 days after notification of a change of control. This is in addition to the
rights of lenders to cancel their commitment if we commit an event
of default; however, it should be noted that a material adverse change
clause does not apply.
The facility agreements provide for certain structural changes that
do no affect the obligations to be specifically excluded from the
definition of a change of control.
As the syndicated revolving credit facilities with the addition that,
should our Turkish operating company spend less than the equivalent
of €0.8 billion on capital expenditure, we will be required to repay the
drawn amount of the facility that exceeds 18% of the capital expenditure.
As the syndicated revolving credit facilities with the addition that,
should our Italian operating company spend less than the equivalent
of €1.5 billion on capital expenditure, we will be required to repay the
drawn amount of the facility that exceeds 18% of the capital expenditure.
As the syndicated revolving credit facilities with the addition that,
should our German operating company spend less than the equivalent
of €0.8 billion on VDSL related capital expenditure, we will be required
to repay the drawn amount of the facility that exceeds 50% of the VDSL
capital expenditure.
As the syndicated revolving credit facilities with the addition that the
Company was permitted to draw down under the facility based upon the
eligible spend with Ericsson up until the final draw down date of 30 June
2011. Quarterly repayments of the drawn balance commenced
on 30 June 2012 with a final maturity date of 19 September 2018.
As the syndicated revolving credit facilities with the addition that,
should our Italian operating company spend less than the equivalent
of €1.3 billion on capital expenditure, we will be required to repay the
drawn amount of the facility that exceeds 50% of the capital expenditure.
As the syndicated revolving credit facilities with the addition that, should
our Turkish and Romanian operating companies spend less than the
equivalent of €1.3 billion on capital expenditure, we will be required
to repay the drawn amount of the facility that exceeds 50% of the
capital expenditure.