• EUR 350 million “Eurobond” maturing in 2027, reserved exclusively for institutional investors, issued by Amplifon S.p.A. in 2020;
• the residual debt of the private placement made by the US subsidiary expiring between 2023 and 2025, which amounted to USD 110 million at 31 December 2021;
  
• Nine bank loans amounting to EUR 652.8 million, of which EUR 84.3 million expiring in 2022, EUR 116.6 million expiring in 2023, EUR 224.9 million expiring in 2024, EUR 122.1 million expiring in 2025, and EUR 105.0 million expiring in 2026;
• Eight irrevocable lines of credit with top-tier banking institutions amounting to EUR 285 million, of which EUR 30 million expiring in 2022, EUR 15 million in 2024, EUR 140 million in 2025 and EUR 100 million expiring in 2026. These lines were not utilized in 2021.
  

Some of the Group’s loans, bonds and revolving credit lines are subject to the following financial covenants:

• the ratio of net financial indebtedness excluding lease liabilities to the Net Worth Ratio must not exceed 1.65; 
• the Leverage Ratio, calculated as the ratio of net financial debt, excluding liabilities, to EBITDA recorded in the last four quarters (determined excluding the fair value of the stock-based payments, based solely on recurring business, and restated if the Group’s structure should change significantly), must not exceed 2.85;
• the Interest Cover should be less than 4.9. It is calculated as the ratio of EBITDA (restated like the EBITDA used to calculate the leverage ratio) recorded in the last four quarters and the net interest owed in the same four quarters. 

In the event of relevant acquisitions, the above ratios may be increased to 2.20 and 3.26, respectively, for a period of not more than 12 months, twice over the life of the respective loans (spike).