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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 2019 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

 

 

 

 

 

AKER09

07.09.2012

10

N3M+500

1 000

1 000

AKER10

06.06.2013

7

N3M+400

700

700

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

 

 

4 700

4 700

Bank loan 3)

22.02.2016

6-9

 

2 000

-

Schuldschein loan 5)

27.03.2019

5

 

990

990

Capitalised loan fees etc.

 

 

(16)

(16)

Total debt Aker ASA

 

 

7 674

5 674

Bank loan Aker Capital 1 2)

26.09.2016

6-8

 

4 089

4 089

Bank loan Aker Capital 2 4)

22.11.2017

3-5

 

1 452

909

Capitalised loan fees etc.

   

(9)

(9)

Total debt Aker Capital

 

5 532

4 989

Total debt Aker ASA and holding companies

 

13 206

10 663

1) Loan amount drawn, less own bonds
2) MUSD 450 term loan fully drawn at 30 September 2019 (maturity in 2022 with two one-year uncommitted extension options)
3) Revolving credit facility (RCF) of MNOK 2 000 (maturity in 2022 with three one-year uncommitted extension options)
4) 3 years Master Term Loan Agreement (SMTLA) of MUSD 200, of which MUSD 100 was drawn at 30 Sept 2019, with drawdowns rolling forward up to 12 months
5) MEUR 100 Schuldschein loan

As per 30 September 2019, Aker met all of its loan covenants with considerable margin.

 

Financial Covenants

Limit

Status per 30.09.2019

i

Total debt/equity*       

< 80%

42%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

2.5%
NOK 1.1 bn

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

As of 30 September 2019, the average maturity profile of the debt portfolio was 2.8 years. The chart below shows the maturity profile of Aker’s nominal values/outstanding loans.

3q19 Maturity Profile

Loan guarantees

2017

2018

3Q19

Aker BioMarine*

305

305

305

Ocean Harvest

46

38

32

Other

3

3

3

Total external

354

346

340

* 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 principles

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