7. Other Current Interest-Bearing LiabilitiesAudited information
Other current interest bearing liabilities amount to CHF 407 346 090 at the end of 2019 compared to CHF 358 706 814 at the end of 2018. They comprise third party liabilities of CHF 395 307 100 (compared to CHF 285 000 000 at the end of 2018) and intragroup liabilities of CHF 12 038 990 (compared with CHF 73 706 814 at the end of 2018).
On 24 April 2019 a bond issued in 2012 in the amount of CHF 285 million reached maturity and was repaid.
Two certificates of indebtness issued in 2015 with nominal value of EUR 150 million and two certificates of indebtness issued in 2016 with nominal value of EUR 212 million will fall due in 2020 and were therefore reclassified to current financial debts.
On 26 September 2018, a bond issued in 2012 with a nominal value of CHF 250 million fell due and was repaid.
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 an expiry date of 16 December 2023.
The intragroup liabilities comprise the cash pool accounts and current accounts between Group companies.