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Debt

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

The bond loan agreements are attached to the links below.

Amounts in million kroner (MNOK)

Ticker

Issue

Loan term (years)

Coupon

Loan amount

Outstanding Amount1)

Bonds

 

 

 

 

 

AKER09

07.09.2012

10

N3M+500

1 000

1 000

AKER10

06.06.2013

7

N3M+400

700

700

AKER11

06.06.2013

5

N3M+350

1 300

1 300

AKER12 2)

24.01.2014

5

Stibor3M+325

1 489

1 489

AKER13

29.05.2015

5

N3M+350

1 000

1 000

Total bonds Aker ASA as per 30.06.17

 

 

5 489

5 489

Bank loan (RCF)4)

22.02.2016

4-5

 

1 000

-

Capitalised loan fees etc.5)

 

   

(21)

(21)

Total debt Aker ASA as per 30.06.17

     

6 468

5 468

Bank loan Aker Capital3)

26.09.2016

3-5

 

2 097

1 468

Capitalised loan fees etc.5)

     

(8)

(8)

Total debt Aker ASA and holding companies

 

 

8 557

6 928

1) Loan amount drawn, less own bonds
2) MSEK 1 500 issue
3) MUSD 250 issue (maturity in 2020 with a one-year uncommitted extension option), redrawable up to the original amount)
4) Revolving credit facility (RCF) of MNOK 1 000 (maturity in 2020 with a one-year uncommitted extension option)
5) Capitalised loan fees and internal items

As per 30 June 2017, Aker met all of its loan and guarantee covenants with considerable margin.

 

Financial Covenants

Limit

Status per 30.06.2017

i

Total debt/equity*       

< 80%

37%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

2.4 %
NOK 0.7 bn

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

As of 30 June 2017, 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.

2q17 maturity profile

Loan guarantees

4Q 15

4Q 16

2Q 17

Aker BioMarine*

305

305

305

Ocean Harvest

-

59

52

Other

78

3

         3

Total external

383

367

360

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

  • Aim for a long term funding profile and an efficient yield curve
  • Maintain solid cash holding
  • Ensure financial flexibility so as to capture opportunities in the market and optimise timing of refinancing activities
  • Keep regular and open dialogue with the bond and bank markets
  • Limit investments to equity. Operating subsidiaries and other investments should be financed on an independent, ring-fenced basis, without funding or guarantees from Aker
  • Maintain an equity ratio above 80% of gross asset value (on a net debt basis) over business cycles. Leverage may fluctuate over time, but equity ratio should not fall materially below target for prolonged periods