14. Long-term debt
|
|
2022 |
|
2021 |
|
|
MCHF |
|
MCHF |
Bonds |
|
948.1 |
|
699.2 |
Credit facility |
|
0.0 |
|
0.0 |
Lease liabilities |
|
61.9 |
|
65.3 |
Other long-term debt |
|
13.4 |
|
13.7 |
Total long-term debt before reclassification |
|
1,023.4 |
|
778.2 |
Short-term portion of long-term debt |
|
-163.1 |
|
-312.1 |
Total long-term debt |
|
860.3 |
|
466.1 |
Bonds
|
|
Maturity |
|
Interest rate |
|
Principal |
|
Fair value |
|
Fair value |
|
|
date |
|
in % |
|
MCHF |
|
MCHF |
|
MCHF |
|
|
|
|
|
|
|
|
|
|
|
2.5yr CHF |
|
20.10.2022 |
|
0.35 |
|
300.0 |
|
0.0 |
|
302.1 |
8.0yr CHF |
|
17.04.2023 |
|
0.30 |
|
150.0 |
|
149.9 |
|
151.4 |
5.5yr CHF |
|
17.10.2024 |
|
0.10 |
|
125.0 |
|
121.4 |
|
125.9 |
4.0yr CHF |
|
14.09.2026 |
|
1.50 |
|
200.0 |
|
198.8 |
|
0.0 |
5.5yr CHF |
|
29.09.2027 |
|
0.75 |
|
150.0 |
|
140.8 |
|
0.0 |
9.5yr CHF |
|
17.10.2028 |
|
0.60 |
|
125.0 |
|
114.7 |
|
128.8 |
7.0yr CHF |
|
14.09.2029 |
|
1.75 |
|
200.0 |
|
194.1 |
|
0.0 |
Total bonds |
|
|
|
|
|
|
|
919.7 |
|
708.2 |
Revolving credit facility
A firmly committed credit line of MCHF 500 has been available to the Group since November 2017. The credit line had a term of five years as well as two renewal options of one additional year each. Both extension options have been exercised in the meantime causing the term of the credit line to be extended by two years (now due in November 2024). The interest rate is variable and based on the SARON plus a fixed margin. An additional fee is charged if this credit line is drawn down. The credit facility had not been drawn down by the end of 2022. A commitment fee – recorded as financial expenses – was charged in respect of the undrawn portion.
The credit facility of MCHF 500 is secured by a guarantee issued by Geberit AG. The credit facility contains conditions typical for syndicated financing.
Other long-term debt
As at 31 December 2022, the Group had MCHF 13.4 of other long-term debt (PY: MCHF 13.7). This debt incurred an effective interest rate of 5.9% (PY: 5.9%).
Currency mix
Of the total long-term debt outstanding as at 31 December 2022, MCHF 40.9 was denominated in EUR (PY: MCHF 43.5) and MCHF 799.6 in CHF (PY: MCHF 400.7).