Boskalis jaarverslagen 2011

23. Interest-bearing borrowings

    2011   2010
         
Non-current liabilities        
Mortgage loans   146,417   181,451
Other interest-bearing loans   533,279   523,552
    679,696   705,003
Current liabilities        
Mortgage loans (current portion)   52,060   35,173
Other interest-bearing loans (current portion)   60,512   67,593
    112,572   102,766
         
Total interest-bearing borrowings   792,268   807,769

In March 2010 the Group arranged a combination of a three-year and five-year bank facility (€ 350 million and € 300 million) with a consortium of banks.

In July 2010 the Group closed an inaugural US dollar 433 million and GBP 11 million US private placement with 26 institutional investors in the United States and the United Kingdom. The placement consists of three tranches with maturities of 7, 10 and 12 years, respectively. The US dollar and GBP proceeds have been swapped into euros, for a total amount of € 354 million.

As security for the mortgage loans, expressed partly in other currencies than the Euro, mortgage rights are vested on property, plant and equipment, mainly vessels, with a book value of € 326.0 million (2010: € 333.6 million). For certain loans, additional securities have been provided by means of the assignment of revenues from rental contracts to third parties and insurance policies regarding this property, plant and equipment.

Where applicable, financial ratio and negative pledge clause requirements are met as at December 31, 2011.

Effective interest rates, remaining terms and currencies of the interest-bearing borrowings are disclosed in the explanatory notes to the financial instruments in the interest rate risk paragraph. As at December 31, 2011, the average interest rate for the non-current portion of mortgage loans and other interest-bearing loans was 5.33% (2010: 5.04% and 3.91% (2010: 3.65%) respectively. The non-current portions of mortgage loans and other interest-bearing loans due over more than five years amount to € 59.1 million (2010: € 53.8 million) and € 348.4 million (2010: € 348.7 million) respectively.

Added to My report add to My report Source: Annual report 2011, page 96