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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.

Ticker

Issue

Loan term
(years)

Coupon

Loan amount (MNOK)

Outstanding Amount1) (MNOK)

Bonds

 

 

 

 

 

AKER07

30.01.2012

7

N3M+500

500

500

AKER08

16.03.2012

5

N3M+400

500

500

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

1 401

1 401

AKER 13

29.05.2015

5

N3M+350

1 000

1 000

Total Bonds as per 30.09.2016

 

 

6 401

6 401

Bank loan (RCF) 4)

22.02.2016

3-5

 

1 000

-

Capitalised loan fees etc. 5)

 

 

(29)

(29)

Total debt Aker ASA as per 30.09.2016

 

 

7 372

6 372

Bank loan Aker Capital 3)

28.09.2016

3-5

 

2 013

2 013

Capitalised loan fees etc. 5)

   

(10)

(10)

Total debt Aker ASA and holding companies

   

9 375

8 375

1)  Loan amount drawn, less own bonds
2) MSEK 1 500 issue
3) MUSD 250 issue
4) Revolving credit facility (RCF) of MNOK 1 000 (2019 with 1 + 1 years uncommitted extension options)
5) Capitalised loan fees and internal items

As per 30 September 2016, Aker met all of its loan and guarantee covenants with considerable margin.

 

Financial Covenants

Limit

Status per 30.09.2016

i

Total debt/equity*       

< 80%

40%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

1.2%
NOK 0.4bn

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

As of September 2016, the average maturity profile of the debt portfolio was 3.1 years. The chart below shows the maturity profile of Aker’s nominal values/outstanding loans.

3q16 Maturity Profile

Loan guarantees

2013

2014

2015

3Q16

Aker BioMarine Loan facility*

305

305

305

305

Fornebuporten Loan facility

150

150

-

-

Other

14

3

78

63

Total external

469

458

383

368

* 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 a 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 over business cycles. Leverage may fluctuate over time, but equity ratio should not fall materially below target for prolonged periods