Debt

Total amount of net debt, as of June 2011, in accordance with IFRS, is € 1 418 million, a decrease of € 107 million compared to December 2010.

Total amount of net debt, as per the end of 2010, in accordance with IFRS, is € 1 525 million, a decrease of € 227 million compared to 2009.

On 7 October 2011, UCB successfully amended and restated its original revolving credit facility signed in December 2009. This second amendment was, again, significantly oversubscribed and resulted in an extension of the maturity from 2015 to 2016, reduced margin (in line with improved investment grade terms) and the removal of all financial covenants.

Net debt (€ million)

Net debt/REBITDA

Debt maturity profile (June 2011)

Re-financing steps

€ 300 million perpetual bonds, which qualify as equity under IFRS
€ 1 billion revolving credit facility, due 2016
€ 750 million retail bonds, due 2014
€ 500 million convertible bonds, due 2015
€ 500 million institutional bonds, due 2016
Lender base diversified
Maturity profile improved
Old debt paid down