o www.ahold.com/reports2009
Notes to the consolidated financial statements
21 Loans and credit facilities - continued
Financials
Debt instruments are issued in various currencies and can carry fixed or floating interest rates. The breakdown of debt instruments issued
by Ahold in currency and interest type (excluding the effect of swap contracts) is as follows:
January 3, 2010 December 28, 2008
million
Fixed
interest rate
Floating
interest rate
Fixed
interest rate
Floating
interest rate
Currency
USD
EUR
GBP
JPY
CZK
Total
1,122
470
257
25
1,874
248
248
1,642
473
231
27
2,373
259
259
The fair values of financial instruments, corresponding derivatives and the foreign exchange and interest rate risk management policies
applied by Ahold are disclosed in Note 30.
The Company has a Euro Medium Term Note program (EMTN) that had an aggregate of €0.9 billion of outstanding notes as of January 3,
2010. The notes issued under the program include €600 million, GBP 500 million, and JPY 33,000 million notes, maturing in 2012,
2017 and 2031, respectively. The notes issued under the EMTN program contain customary restrictive covenants. During 2009, Ahold
was in compliance with the covenants.
Credit facilities
Ahold has access to a €1,200 million unsecured committed syndicated multi-currency credit facility that may be used for working capital
and for general corporate purposes of the Company and provides for the issuance of letters of credit to an aggregate maximum amount
of $550 million (€384 million). The expiration date of the facility is August 2012.
The facility contains customary covenants. The facility is subject to a financial covenant that requires Ahold not to exceed a maximum
leverage ratio, as defined in the facility agreement, of 4.28:1.
During 2009, Ahold was in compliance with the covenants, and as of January 3, 2010, there were no outstanding borrowings under the
facility other than letters of credit to an aggregate amount of $407 million (€284 million).
Ahold also has access to various uncommitted credit facility lines serving working capital needs that as of January 3, 2010 totaled
€107 million, of which €2 million was drawn.
Ahold Annual Report 2009 86
