Consolidated Financial Statements - Minoan Lines

MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENS
(Amounts expressed in thousands of drachmae unless otherwise stated)
On June 4, 1997, the Company entered into a loan agreement for EURO 125 million with a multi-currency option
to partly finance the acquisition and delivery cost of the vessels "Pasiphae" and "Ikarus". The loan was obtained
via three drawdowns: a) EURO 60.5 million on December 5, 1997, b) EURO 12.5 million on December 29, 1997,
and c) EURO 52 million on June 6, 1998. The loan bears interest at Libor plus 1.125% per annum with respect
to the single repayment installments and Libor plus 1.1875% per annum with respect to the balloon payments.
The first advance is payable in 20 consecutive semi-annual installments beginning on June 1998 with a balloon
payment of EURO 17.5 million due on December 7, 2007 together with the final installment. The second and
third advances are payable in 23 consecutive semi-annual installments beginning on June14, 1998 with a balloon
payment of EURO 19.8 million due on December 7, 2008 together with the final installment. The balances
outstanding at December 31, 1999 and June 30, 2000 were GRD 36,862,849 and GRD 36,249,104 respectively.
The weighted average rate of interest on the loan was 4.31% for 1999 and 4.51% for the six months ended June
30, 2000.
On June 12, 1998, the Company obtained a loan for EURO 8 million with a multi-currency option to provide
corporate liquidity to fund part of the predelivery and/or delivery payments in respect of the vessel "Pasiphae".
The loan bear interest at Libor plus 1.125% per annum which was payable in 8 consecutive quarterly
installments of EURO 1 million beginning on September 14, 1999 with a balloon payment of EURO 4 million
payable together with the final installment on June 15, 2001. The weighted average interest rate on the loan for
the six months ended June 30, 2000 was 2.12%. The loan was fully repaid on June 15, 2000.
On September 12, 1998, the Company obtained a loan for EURO 11.15 million with a multi-currency option to
refinance part of the existing indebtedness of the Company under the loan in DEM mentioned above for the
construction of the vessel "Aretousa". The loan bears interest at Libor plus 1% per annum with respect to the
single repayment installments and Libor plus 1.1875% per annum with respect to the balloon payment. The loan
is repayable in 28 consecutive semi-annual and quarterly installments of EURO 549,000 beginning on
December 14, 1998 and a balloon payment of EURO 4,014,000 due on June 15, 2005. The balance outstanding
at December 31, 1999 and June 30, 2000 was GRD 3,148,809 and GRD 3,024,855 respectively. The weighted
average rate of interest on the loan was 4.04% for 1999 and 4.42% for the six months ended June 30, 2000.
On December 8, 1999, the Company converted an existing overdraft facility of JPY 600 million to a long-term
loan. The loan bears interest at Libor plus 1% per annum and the principal is fully repayable on April 2002. The
balance outstanding of the JPY at June 30, 2000 was GRD 2,015,550. The weighted average interest rate on the
loan was 0.6% for the six months ended June 30, 2000.
On December 9, 1999 the Company converted an existing overdraft facility of JPY 1,800 million to a long-term
loan. The loan bears interest at Libor plus 1.25% per annum and the principal is fully repayable on December 9,
2002. The balance outstanding at the JPY at June 30, 2000 was GRD 6,046,650. The weighted average interest
rate on the loan was 0.64% for the six months ended June 30, 2000.
On December 23, 1999 the Company converted an existing overdraft facility of JPY 300 million to a long-term
loan. The loan bears interest at Libor plus 1.25% per annum and the principal is fully repayable on
December 23, 2001. The balance outstanding of the JPY at June 30, 2000 was GRD 1,007,775. The weighted
average interest rate on the loan was 0.68% for the six months ended June 30, 2000.
On December 30, 1999 the Company converted an existing overdraft facility of JPY 650 million to a long-term
loan. The loan bears interest at Libor plus 0.85% per annum and the principal is fully repayable on December
31, 2001. The balance outstanding of the JPY at June 30, 2000 was GRD 2,183,512. The weighted average
interest rate on the loan was 0.6% for the six months ended June 30, 2000.
On June 6, 2000 the Company converted an existing short-term loan of USD 22.4 million to a long-term loan.
The loan bears interest at Libor plus 1.125% per annum and the principal is fully repayable on August 31, 2002.
The balance outstanding of the USD at June 30, 2000 was GRD 7,903,504. The weighted average interest rate
on the loan was 3.62% for the six months ended June 30, 2000.
17