At 31 December 2016, the Group had the following credit lines available:
- EUR 150.0 million revolving Credit Facility with a syndicate of three banks consisting of BNP Paribas, Deutsche Bank and ING Bank. The Credit Facility is committed until 15 August 2019 and includes an option (accordion option) to increase the facility by a maximum of EUR 75.0 million;
- EUR 4.4 million mortgage loan for the premises of the Kuhnke facilities in Malente, Germany. The loan ultimately matures in 2022;
- EUR 1.0 million in subsidised term loans with final maturity in 2019;
- EUR 0.3 million in financial leases for various equipment in the Kuhnke facilities in Malente and Sibiu;
- EUR 1.0 million in other overdraft facilities.
At 31 December 2016, the total unutilised amount of the facilities was approximately EUR 89 million.
Banking syndicate credit facility
Pursuant to the terms of the credit facility with the banking syndicate, the Group has agreed to financial covenants relating to the leverage ratio (interest bearing debt / EBITDA) and interest coverage (EBITDA / interest costs). In accordance with these covenants, the leverage ratio should remain below 3.0, which can under certain circumstances be temporarily increased to a maximum of 3.5. The interest coverage should always exceed 4.0. Both covenants are tested quarterly on a 12-month rolling basis. The actual leverage ratio at year-end was 1.1 (2015: 1.5) and the actual interest coverage at year-end was 24.5 (2014: 20.1).
The Group has provided a mortgage on its premises in Malente, Germany for a EUR 4.4 million loan. No security is provided in relation to the EUR 150 million credit facility.
Interest on the EUR 5.7 million other loans is based on a fixed-term interest rate. Interest amounts payable on the EUR 150 million revolving Credit Facility are based on short-term interest rate (mainly three months). See note 15 and accounting policy r for further details.