At 31 December 2012, the Group had the following credit lines available:

- A EUR 183.5 million facility agreement, with a syndicate of three banks consisting of Deutsche Bank, ING Bank and Rabobank. The facility agreement includes the following facilities:

  - EUR 35 million revolving working capital facility, with a commitment running until 17 January 2016;
  - EUR 40 million acquisition facility, with a commitment running until 17 January 2016;
  - EUR 60 million acquisition facility, with a commitment running until 17 January 2016;
  - EUR 48.5 million guarantees facility. This facility was provided In connection with the fine imposed by the European Commission;

- EUR 1.0 million other facilities, including a EUR 0.8 million loan in Austria.

At 31 December 2012, the total unutilised amount of the facilities was approximately EUR 100 million.

Kendrion was recently able to amend the Facility Agreement with a particular focus on the acquisition lines. The amendment consists of an easing of the EUR 8 million bi-annual reduction obligation, which will now commence on 17 July 2013, but only if the leverage ratio (net debt / EBITDA) exceeds a predetermined threshold.

Banking syndicate credit facility
Pursuant to the terms of the facility agreement with the banking syndicate, the Group has agreed to a number of financial covenants relating to interest-bearing debt / EBITDA (debt cover) and  interest coverage (EBITDA / interest costs). The required covenants are tested each quarter on a 12-month rolling basis.  All covenant ratios were satisfied with ample margin at year-end 2012.

Security provided
The Group has provided security for a subsidised ERP (European Restructuring Programme) loan in Austria with an outstanding amount of EUR 0.8 million, referred to above, in the form of a pledge on specific machinery in Austria for which the loan was received. No security is provided in relation to the facility agreement with the banking syndicate.

Interest-rate sensitivity
The interest payable on the Group’s interest-bearing borrowings is mainly at rates fixed for three months or shorter periods. Reference is made to notes 15 and r of the Financial Statements (2012 Annual Report) for further details.