23 Financial liabilities
The movements in the borrowings over the year were as follows:
- 1 Refer to note 3.
On December 8, 2017 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 100.0 million, which is listed on the SIX Swiss Exchange (AUT17, ISIN: CH0373476032). The bond carries a coupon rate of 1.125% and has a term of eight years with a final maturity on December 8, 2025.
On July 4, 2016 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 75.0 million, which was listed on the SIX Swiss Exchange (AUH16, ISIN: CH0326213904). The bond carried a coupon rate of 1.125% and had a term of seven years, which was repaid at the final maturity date on July 4, 2023.
Autoneum maintains a long-term credit agreement with a banking syndicate in the amount of CHF 350.0 million, whereof CHF 131.3 million was drawn at year-end (December 31, 2023: CHF 222.8 million). The line of credit may partly be used as a guarantee facility. On October 26, 2023 the long-term credit agreement was amended, among other things, with regards to the final maturity date that was extended from October 31, 2027 to October 29, 2028. On November 6, 2024 the long-term credit agreement was amended with regards to the final maturity date that was extended from October 29, 2028 to October 29, 2029. The interest rate is based on the SARON rate plus an applicable margin, which is determined based on the ratio of net debt to EBITDA. An adjusted ratio of net debt to EBITDA represents the customary financial covenant of that agreement. The covenant is tested on a half-yearly basis on June 30 and December 31. The loan becomes repayable on demand if the ratio exceeds the agreed threshold at any testing date. Autoneum complied with the covenant in the financial years 2024 and 2023. Accordingly the loan is classified as non-current at December 31, 2024. Autoneum expects to comply with the covenants within 12 months after the reporting date.
On January 31, 2023 the Group signed an additional bridge facility agreement with UBS and Credit Suisse in the amount of CHF 150.0 million, initially drawn on March 31, 2023 and with final maturity date on January 31, 2024. At December 31, 2023 the full amount of the bridge facility agreement was repaid.
In addition to the aforementioned bond and the long-term credit agreement, local credit limits and borrowings with individual customary market conditions exist in several countries.
Borrowings and derivative financial instruments have been combined under financial liabilities. In the prior period, derivative financial instruments were reported under other current liabilities. Prior period comparatives have been revised to align with the current year’s presentation.
The borrowings are denominated in the following currencies: