Financing

TenneT TSO B.V.’s financing portfolio consists of bilateral bank loans with terms of up to fifteen years and at year-end 2007 was structured as shown below.

Composition of the financing portfolio

Out of a total of EUR 780 million in financing facilities at the company’s disposal, an amount of EUR 519.5 million had been withdrawn at year-end 2007, leaving scope of EUR 260.5 million.

The credit facilities were taken out through bilateral financing agreements with a number of large international banks.

Stipulations concerning negative pledge and pari passu have been included in the agreements for the credit facilities. No collaterals have been provided.

Long-term credit facilities

The long-term credit facilities the company has taken out have terms running until mid-2009 (EUR 200 million), mid-2021 (EUR 40 million) and mid-2022 (EUR 40 million).

On 22 November 2007, TenneT TSO concluded a loan agreement with the European Investment Bank (EIB) for the construction of a cable to Norway for an amount totalling EUR 140 million. 

Short-term credit facilities

The short-term credit facilities the company has taken out have terms running until mid-2008 (EUR 50 million).

On 19 December 2007, TenneT arranged credit facilities totalling EUR 600 million for TenneT TSO B.V. and EUR 150 million for TenneT Holding B.V.  The credit facilities have terms of one year with the possibility of extension.

Current-account credit facilities

At year-end 2007 TenneT TSO B.V.’s current-account credit facilities totalled EUR 230 million. These facilities attract interest at a floating rate. At year-end 2007 TenneT TSO B.V. had withdrawn EUR 189.5 million. 

Interest

TenneT TSO B.V. has concluded Interest Rate Swaps to convert the variable interest rate of the credit facilities it has taken out to a fixed rate of interest. The interest rate swaps qualify aseconomic hedges.