ASML maintains Euro 1.0 – 1.5 billion in gross cash and a standby facility of Euro 500 million through 2015 as a liquidity buffer. This is based upon the business volume we anticipate for the future. ASML is committed to return cash to shareholders when the cash position exceeds the liquidity buffer. The efficiency of the capital structure is regularly reviewed to optimize our debt to equity ratio. ASML’s current financial debt is mainly comprised of Euro 600 million in 5.75% Notes due 2017.

5.75% Euro Notes due 2017
Issuer: ASML Holding N.V.
Rating: Moody’s Baa3, Fitch BBB-
Listing: Luxembourg ISIN
Code: XS0304756405
Volume: 600 million EUR
Issue Price: 99.651 %
Coupon: 5.75%
Term: 10 years
Maturity: 13 June 2017
Interest payment: 13 June of each year

Offering Memorandum:

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ASML’s goal is to remain an investment grade rated company and maintain a capital structure that supports this. For this purpose, regular review meetings between rating agencies and ASML senior management are arranged. The rating agencies have assigned following ratings for the debt and the company:

Moody’s

Senior unsecured rating: Baa3
Outlook: stable
Latest update: 24 Nov 2009
Analyst: Wolfgang Draack 

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Fitch Ratings

Long term issuer default rating: BBB-
Senior unsecured rating: BBB-
Outlook: stable
Latest update: 21 December 2009
Analyst: Stuart Reid 

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