menu

Investor

Debt

Aker's bond financing constitutes the majority of the company’s total debt financing. All bonds are senior unsecured.

Total debt in Aker ASA and Holding companies as of 30 September 2018 are 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

 

 

 

 

 

AKER09

07.09.2012

10

N3M+500

1 000

1 000

AKER10

06.06.2013

7

N3M+400

700

700

AKER12 2)

24.01.2014

5.5

Stibor3M+325

1 377

1 377

AKER 13

29.05.2015

5

N3M+350

1 000

1 000

AKER 14

31.01.2018

5

N3M+265

2 000

2 000

Total Bonds Aker ASA

 

 

6 077

6 077

Bank loan (RCF) 4)

22.02.2016

5-7

 

1 500

-

Capitalised loan fees etc. 6)

 

 

(24)

(24)

Total debt Aker ASA

 

 

7 553

6 053

Bank loan Aker Capital 1 3)

26.09.2016

5-6

 

3 680

2 044

Bank loan Aker Capital 2 5)

22.11.2017

1-3

 

818

818

Capitalised loan fees etc. 6)

   

(18)

(18)

Total debt Aker Capital

 

4 479

2 844

Total debt Aker ASA and holding companies

 

12 032

8 897

1) Loan amount drawn, less own bonds
2) MSEK 1 500 issue
3) MUSD 450 term loan of which MUSD 250 was drawn at June 30, 2018 (maturity in 2021 with one-year uncommitted extension option), redrawable up to the original amount
4) Revolving credit facility (RCF) of MNOK 1 500 (maturity in 2021 with a two times one-year uncommitted extension option)
5) MUSD 100 3 years Master Term Loan Agreement (SMTLA) with drawdowns rolling forward up to 12 months

As per 30 September 2018, Aker met all of its loan covenants with considerable margin.

 

Financial Covenants

Limit

Status per 30.09.2018

i

Total debt/equity*       

< 80%

37%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

1.3%
NOK 0.8 bn

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

As of 30 September 2018, the average maturity profile of the debt portfolio was 2.7 years. The chart below shows the maturity profile of Aker’s nominal values/outstanding loans.

3q18 Maturity profile

Loan guarantees

2015

2016

2017

1Q18

2Q18

3Q18

Aker BioMarine*

305

305

305

305

305

305

Ocean Harvest

-

59

46

41

41

39

Other

78

3

3

3

3

3

Total external

383

367

354

349

349

346

* 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 remains long term target over business cycles

General priciples

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