23. LONG-TERM DEBT

As of December 31, 2013, December 31, 2012 and January 1, 2012 the Group has long-term outstanding loans as follows:

RUB millions

December 31, 2013

December 31, 2012

January 1, 2012

Bank loans

98,397

82,240

136,456

Bonds

61,583

82,025

71,999

Loan Participation Notes

132,534

46,118

Finance lease liabilities

3,207

Other borrowings

3,529

3,090

829

less current portion of debt

(34,588)

(47,026)

(35,501)

TOTAL LONG–TERM DEBT

261,455

166,447

176,990

On April 13, 2010, the Group placed three-year Ruble Bonds (05 and 06 series) with the total par value of RUB 20 billion (fully repaid in 2013 and all current as of December 31, 2012). The bonds bore interest of 7.15% per year and had semi-annual coupon payments.

On September 19, 2012 the Group has drawn USD 1,500 million (RUB 46,375 million) financed by 10 years Loan Participation Notes (LPN) (Series 1 Issue) with 4.375% coupon to be paid semi-annually at par.

On April 26, 2013 the Group raised EURO 750 million (RUB 30,637 million) financed by 2.933% the Loan Participation Notes (LPN) due 2018 (Series 2).

On November 25, 2013 the Group has drawn USD 1,500 million (RUB 49,358 million) financed by 10 years Loan Participation Notes (LPN) Series 3 Issue) with 6.0% coupon to be paid semi-annually at par.

Outstanding amount under LPN as of December 31, 2013 is US$ 3.0 billion and EURO 750 million (total amount RUB 131.9 billion, all non-current). Outstanding amount under LPN as of December 31, 2012 is US$ 1.5 billion (RUB 45.6 billion, all non-current). LPNs are listed on the Irish Stock Exchange.

On April 19, 2013 the Group signed an unsecured term and revolving loan agreement with several banks for the amount of US$ 1 billion (31,715 RUB million). The agreement comprises two loan facilities being an amortizing USD 700 million term loan facility with a maturity date falling 5 years and a USD 300 million revolving loan facility with a bullet repayment after 3 years. The term loan facility bears a floating interest rate of LIBOR plus 1.75% per annum while for the revolving part the interest rate is the sum of LIBOR and spread ranging from 1.2% to 1.5% per annum depending on the level of utilization of the revolving loan facility. Outstanding amount under the loan as of December 31, 2013 is US$ 700 million (RUB 22.9 billion, all non-current).

The loan agreements contain financial covenants that require the Group’s ratios of Consolidated EBITDA to Consolidated Interest Payable, Consolidated Indebtedness to Consolidated Tangible Net Worth and Consolidated Indebtedness to Consolidated EBITDA. Management believes the Group is in compliance with these covenants as of December 31, 2013, December 31, 2012 and January 1, 2012, respectively.

Notes in Consolidated Statements:

Consolidated Statement of Financial Position