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Debt

Aker's financing consists of senior unsecured bonds listed on Oslo Stock Exchange, bank loans and a Schuldschein loan issued in the German market.

Total debt in Aker ASA and Holding companies as of 30 June 2020 is as follows (the bond loan agreements are attached to the links below):

Ticker

Issue

Loan term
(years)

Coupon

Loan amount (MNOK)

Outstanding Amount1) (MNOK)

Bonds

 

 

 

 

 

AKER 09

07.09.2012

10

N3M+500

1 000

1 000

AKER 14

31.01.2018

5

N3M+265

2 000

2 000

AKER 15

22.11.2019

5

N3M+190

1 500

1 500

Total Bonds Aker ASA

 

 

4 500

4 500

Bank RCF 2)

22.02.2016

7-9

 

2 000

-

Schuldschein loan 3)

27.03.2019

5

 

1 091

1 091

Capitalised loan fees etc.

 

 

(24)

(24)

Total debt Aker ASA

 

 

7 567

5 567

Bank Term loan 4)

26.09.2016

7-8

 

4 385

4 385

Bank RCF/Term loan

25.05.2020

3

 

2 000

1 000

Capitalised loan fees etc

   

(10)

(10)

Total debt Aker Capital

 

6 375

5 375

Total debt Aker ASA and holding companies

 

13 942

10 942

1) Loan amount drawn, less own bonds and/or repayments.
2) Maturity in 2023 with two one-year uncommitted extension options.
3) MEUR 100 5 years Schuldschein loan.
4) MUSD 450 term loan fully drawn at 30 June 2020 (maturity in 2023 with a one-year uncommitted extension option).

Bond covenants as per 30 June 2020:

 

Financial Covenants

Limit

Status per 30.06.2020

i

Total debt/equity*       

< 80%

29%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

4.3%
NOK 1.5 bn

 * Covenant applies to Aker ASA figures (parent only). Reference is made to bond loan agreements for details.

As of 30 June 2020, the average maturity profile of the debt portfolio was 3.2 years. The chart below shows the maturity profile of Aker’s outstanding loans.

2q20 - Maturity Profile

Loan guarantees

2018

2019

Q1-2020

Q2-2020

Aker BioMarine*

305

305

305

305

Ocean Harvest

38

28

31

26

Other

3

3

3

3

Total external

346

336

339

333

* The guarantee expires upon Aker BioMarine reaching a net interest-bearing debt to EBITDA ratio inferior to 3.5x for two consecutive quarters.

Financial guidelines

  • Financial metrics at investment grade level:
    • Net LTV within investment grade
    • Balancing cash inflow and outflow at Aker ASA and holding companies
    • Solid liquidity reserves to cover debt
  • Parameters may fluctuate over time, but remain long term target over business cycles

 

General principles

  • Long-term funding profile
  • Financial flexibility to optimise timing of refinancing activities
  • Open dialogue with bond and bank market
  • Subsidiaries financed independently