Amounts drawn on this facility carry floating interest indexed on the LIBOR and EURIBOR rates. This credit facility is not subject to any covenants.
No amounts had been drawn down on the facility as of either August 31, 2023 or August 31, 2022.
As of August 31, 2023, borrowings under the Sodexo S.A. commercial paper programs are nil, as on August 31, 2022.
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 February 7, 2023, Sodexo S.A. early redeemed in full its outstanding 580 million euros loan granted by Sodexo Finance Designated Activity Company on September 14, 2017, bearing an annual interest rate of 2.66% and initially due to mature in 2034. This redemption, bearing penalties (see note 5) reduces the cost of debt and the low performing surplus cash deposits.
| ACCRUED EXPENSES (in million euros) | |
|---|---|
| Borrowings | Borrowings
13 |
| Accounts payable | Accounts payable
44 |
| Tax and employee-related liabilities | Tax and employee-related liabilities
42 |
| TOTAL | TOTAL 99 |
| DEFERRED REVENUES AND PREPAID EXPENSES (in million euros) | |
|---|---|
| Deferred revenues | Deferred revenues
— |
| Prepaid expenses | Prepaid expenses
1 |
