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Luxottica Group, S.p.A. (LUX)
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LUX » Topics » Outstanding Standby Letters of Credit-

This excerpt taken from the LUX 20-F filed Jun 28, 2006.

Outstanding Standby Letters of Credit—

A U.S. subsidiary has obtained various standby letters of credit from banks that aggregated Euro 35.6 million and Euro 48 million as of December 31, 2004 and 2005, respectively. Most of these letters of credit are used for security in risk management contracts or as security on store leases. Most contain evergreen clauses under which the letter is automatically renewed unless the bank is notified not to renew. Substantially all the fees associated with maintaining the letters of credit fall within the range of 0.60 percent and 0.80 percent annually.

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This excerpt taken from the LUX 20-F filed Jun 29, 2005.

Outstanding Standby Letters of Credit—

 

A U.S. subsidiary has obtained various standby letters of credit from banks that aggregate Euro 21.2 million and Euro 35.6 million as of December 31, 2003 and 2004, respectively. Most of these letters of credit are used for security in risk management contracts or as security on store leases. Most contain evergreen clauses under which the letter is automatically renewed unless the bank is notified not to renew.

 

EXCERPTS ON THIS PAGE:

20-F
Jun 28, 2006
20-F
Jun 29, 2005

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