Other current interest-bearing liabilities amounted to CHF 237 477 899 at the end of 2016 compared to CHF 200 053 322 at the end of 2015. They comprise third-party liabilities of CHF 115 472 542 (compared to CHF 148 058 195 at the end of 2015) and intragroup liabilities of CHF 122 005 357 (compared with CHF 51 995 127 at the end of 2015).
On 21 April 2016, the certificate of indebtedness issued in 2011 with a notional amount of EUR 123 million reached maturity and was repaid.
A bond issued in 2011 with a nominal value of CHF 100 million will fall due in 2017 and as a consequence was reclassified to current financial debt.
On 16 December 2016, Clariant Ltd signed an agreement for a new CHF 500 million five-year multi-currency revolving credit facility (RCF) with two one-year extension options. The RCF is structured as a club deal with ten key relationship banks with equal stakes and contains an accordion option for an increase up to CHF 600 million. The RCF is structured as a »back-stop« facility for rating purposes to maintain Clariant’s liquidity headroom. It contains customary covenants such as negative pledge, cross default, ownership change and restriction on disposals, mergers and subsidiary debt. The Group is required to maintain one financial covenant (debt leverage) that is tested at the end of each financial half year.
The intragroup liabilities comprise the cash pool accounts and current accounts between Group companies.
A rating assesses the creditworthiness of a debtor. Ratings are mainly required for the issue of debt instruments and usually determine the level of necessary interest payments, among other things. Clariant currently uses the two rating agencies, Moody’s and Standard & Poor’s, for this purpose. VIEW ENTIRE GLOSSARY