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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

 

 

 

 

 

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

1 206

AKER12 2)

24.01.2014

5

Stibor3M+325

1 407

1 407

AKER 13

29.05.2015

5

N3M+350

1 000

1 000

AKER 14

31.01.2018

5

N3M+265

1 500

1 500

Total Bonds Aker ASA

 

 

6 907

6 813

Bank loan (RCF) 4)

22.02.2016

5-6

 

1 500

-

Capitalised loan fees etc. 6)

 

 

(26)

(26)

Total debt Aker ASA

 

 

8 381

6 787

Bank loan Aker Capital 3)

26.09.2016

4-5

 

2 722

1 944

Bank loan Aker Capital 5)

22.11.2017

3

 

778

778

Capitalised loan fees etc. 6)

   

(10)

(10)

Total debt Aker Capital

 

3 490

2 712

Total debt Aker ASA and holding companies

 

11 871

9 500

1) Loan amount drawn, less own bonds
2) MSEK 1 500 issue
3) MUSD 350 term loan (maturity in 2020 with a 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 one-year uncommitted extension option)
5) MUSD 100 3 years Master Term Loan Agreement (SMTLA) with drawdowns rolling forward up to 12 months
6) Capitalised loan fees and internal items

As per 31 March 2018, Aker met all of its loan and guarantee covenants with considerable margin.

 

Financial Covenants

Limit

Status per 30.03.2018

i

Total debt/equity*       

< 80%

38%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

3.2%
NOK 1.4 bn

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

As of 31 March 2018, the average maturity profile of the debt portfolio was 2.6 years. The chart below shows the maturity profile of Aker’s nominal values/outstanding loans.

1q18 Maturity profile

Loan guarantees

2015

2016

2017

1Q18

Aker BioMarine*

305

305

305

305

Ocean Harvest

-

59

46

41

Other

78

3

3

3

Total external

383

367

354

349

* 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:
    1. Net LTV within investment grade
    2. Balancing cash inflow and outflow at Aker ASA and holding companies
    3. 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