This excerpt taken from the SYT 20-F filed Mar 16, 2005.
18. Current financial debts
The above balance sheet values of current financial debt approximate the estimated fair value due to the short-term nature of these instruments.
The weighted average interest rate on the current bank and other financial debts was 9.6% per annum, 9.6% per annum, and 6.9% per annum in 2004, 2003 and 2002 respectively.
Syngenta has a committed, revolving, multi-currency, syndicated credit facility of US$1,500 million (the Credit Facility), which matures in 2009, with an extension option for an additional two years. As of December 31, 2004 Syngenta has no borrowing under this facility. The Credit Facility provides that the interest rate is based on either LIBOR or EURIBOR, depending upon the currency of the underlying borrowing, plus a margin and mandatory costs. In addition to interest payments, Syngenta is obligated to pay certain variable commitment fees based upon the long-term credit rating ranging from 0.07% to 0.105% of the unused amount throughout the term of the facilities.
€350 million of Floating Rate Notes matured in July 2003. At issue, these liabilities had a value of US$296 million. At maturity on July 10, 2003, they had a value of US$400 million. Cross-currency swaps were implemented at the time of issue to hedge this exchange movement and matured at the same time.
Syngenta had a total of US$147 million of US dollar Commercial Paper in issue under its Global Commercial Paper program.
Financial debts, including current financial debts, contain only general and financial default covenants (i.e., ratios such as EBITDA to net interest charges / Net debt to EBITDA) with which Syngenta is in compliance.