Vilmorin & Cie - Annual report 2017-2018

5 ANNUAL REPORT Vilmorin & Cie 193 2017-2018 2.2 - Information on bond loans These loans have the following characteristics: Issuer Vilmorin & Cie Vilmorin & Cie Date of issue May 26, 2014 March 11, 2015 Amount involved €300M €150M Due date (bullet amortization) May 26, 2021 May 26, 2021 Possibility of early redemption - - Interest rate 2.375% (1) 2.375% (1) (1) Coupon rate; excluding issue premium. 2.3 - Information on bank loans The main mid- and long-term bank loans have been granted, in the form of syndicated loan agreements, by a banking syndicate. The last syndicated credit agreement was signed in May 2014 for a total of 300 million euros over an initial five-year period with a fixed redemption, with an extension clause of two years. A second extension option was exercised in 2016 taking the due date back to 2021. In March 2017, Vilmorin & Cie initiated a new Schuldschein issue for a total of 100 million euros with maturities of 5 years and 4 months, 7 and 10 years, and repaid 51 million euros in advance of the due date of May 2018. In May 2017, Vilmorin USA Corp renewed in advance its syndicated loan agreement with a total increase to 120 million US dollars over a duration of 5 years. The different loans involve default clauses concerning the respect of certain ratios tested every year that, in certain conditions, are liable to lead to their being payable earlier than planned. The characteristics are as follows: Original amount of the loan €300.0M €130.0M €100.0M USD120.0M Company to which the loan was granted Vilmorin & Cie (1) Vilmorin & Cie (2) Vilmorin & Cie (2) Vilmorin USA Corp (3) Outstanding > On June 30, 2017 - €79.0M €100.0M USD120.0M > On June 30, 2018 - €65.0M €100.0M USD120.0M Rate Euribor + margin Fixed and variable Fixed and variable Libor + margin Collateral granted No No No Yes Existence of «covenants» (4) Yes Yes Yes Yes (1) Vilmorin & Cie: no collateral has been granted. The authorized and confirmed credit line stands at 300 million euros, and had not been used on June 30, 2018. There are covenants based on Vilmorin & Cie’s consolidated financial statements: - Financial debts over EBITDA, - EBITDA over financial costs. (2) Vilmorin & Cie: no collateral has been granted. The covenants are identical to those of the above syndicated loan agreement. (3) Vilmorin USA Corp: this loan benefits from collateral granted by Vilmorin & Cie. There is a covenant based on the ratio equity / indebtedness from the figures in the corporate accounts of Vilmorin USA Corp. (4) The above-mentioned covenants were respected for fiscal year 2017-2018. 5.1. Consolidated Financial Statements Financial INFORMATION