7. Other Current Interest-Bearing LiabilitiesAudited information
Other current interest bearing liabilities amount to CHF 358 706 814 at the end of 2018 compared to CHF 251 960 656 at the end of 2017. They comprise third-party liabilities of CHF 285 000 000 (compared to CHF 250 000 000 at the end of 2017) and intragroup liabilities of CHF 73 706 814 (compared with CHF 1 960 656 at the end of 2017).
On 26 September 2018, a bond issued in 2012 with a nominal value of CHF 250 million fell due and was repaid.
On 9 June 2017 a bond issued in 2011 in the amount of CHF 100 million reached maturity and was repaid.
A bond issued in 2012 with a nominal value of CHF 285 million will fall due in 2019 and was therefore reclassified to current financial debts.
Since 16 December 2016, Clariant Ltd has an agreement for a 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 RCF has been extended one more year until 16 December 2023.
The intragroup liabilities comprise the cash pool accounts and current accounts between Group companies.