• a €350 million “Eurobond” maturing in 2027, reserved exclusively for institutional investors, issued by Amplifon S.p.A. in 2020;
• a private placement placed in the United States originally maturing between 2023 and 2025, whose residual debt at December 31, 2022 is equal to USD 110 million and held by the American subsidiary, which was fully repaid in advance at the end of January 2023;
• nine bank loans amounting to €569 million, of which €117 million expiring in 2023, €225 million expiring in 2024, €122 million expiring in 2025 and €105 million expiring in 2026;
• eight irrevocable lines of credit with top-tier banking institutions amounting to €255 million, of which €15 million expiring in 2024, €140 million in 2025 and €100 million in 2026.

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).