No major financing measures were completed in 2011. We repaid the promissory note taken out in 2009, as scheduled. €10 million was repaid in July 2011, bringing repayments to €161 million of the total €180 million. As regards the €400 million credit line concluded with the European Investment Bank back in 2009, we used the remaining €200 million in December 2011.
No collateral exists for financial liabilities. Some of the liabilities to banks are fixed-interest and others have variable interest rates. Thus, as of December 31, 2011, WACKER has unused and used credit lines of around €1.18 billion with terms of over one year. The measures concluded contain standard market credit terms and a net debt-to-EBITDA ratio as the only financial covenants.
WACKER collaborates with a number of banks ( core-bank principle ). These must have an investment-grade credit rating and a long-term business model. To minimize counterparty and concentration risks, a single bank’s share in credit lines promised to WACKER must not exceed 20 percent. The only exception is the European Investment Bank."
