In accordance with the terms of the USPP loans, this repayment resulted in the payment of an indemnity of 48 million U.S. dollars (42 million euro).
Following this transaction, Sodexo S.A. is no longer subject to compliance with any financial covenant under its borrowings.
As of August 31, 2020, borrowings under the Sodexo S.A. commercial paper programs are nil, as on August 31, 2019.
The bonds and loans from financial institutions described above include customary early redemption clauses. These early redemption clauses include cross-default or change of control clauses that apply to all borrowings.
On July 24, 2020, Sodexo S.A. borrowed 607 million U.S. dollars (522 million euro) from its subsidiary Sodexo Finance USD Limited redeemable on April 20, 2021. The amount of accrued interest relating to this loan was 0.4 million euro as of August 31, 2020.
On September 14, 2017, Sodexo S.A. borrowed 580 million euro from its subsidiary Sodexo Finance Designed Activity Company redeemable in September 2034. The amount of accrued interest relating to this loan amounted to 15 million euro as of August 31, 2020.
| ACCRUED EXPENSES (in millions of euros) |
|
|---|---|
| Borrowings | Borrowings
34 |
| Accounts payable | Accounts payable
17 |
| Tax and employee-related liabilities | Tax and employee-related liabilities
12 |
| TOTAL | TOTAL
63 |
| DEFERRED REVENUES AND PREPAID EXPENSES
(in millions of euros) |
|
|---|---|
| Deferred revenues | Deferred revenues
1 |
| Prepaid expenses | Prepaid expenses
11 |
