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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 June 2019 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 4)

22.02.2016

6-9

 

2 000

-

Bank loan 6)

27.03.2019

5

 

969

969

Capitalised loan fees etc.

 

 

(18)

(18)

Total debt Aker ASA

 

 

9 028

7 028

Bank loan Aker Capital 1 3)

26.09.2016

6

 

3 833

3 833

Bank loan Aker Capital 2 5)

22.11.2017

3-5

 

1 460

852

Capitalised loan fees etc.

   

(12)

(12)

Total debt Aker Capital

 

5 281

4 673

Total debt Aker ASA and holding companies

 

14 309

11 701

1) Loan amount drawn, less own bonds
2) MSEK 1 500 issue
3) MUSD 450 term loan fully drawn at 30 June 2019   
4) Revolving credit facility (RCF) of MNOK 2 000 (maturity in 2022 with three one-year uncommitted extension options)
5) 3 years Master Term Loan Agreement (SMTLA) of MUSD 200, of which MUSD 100 was drawn at 30 June 2019, with drawdowns rolling forward up to 12 months
6) MEUR 100 5 years Schuldschein loan

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

 

Financial Covenants

Limit

Status per 30.06.2019

i

Total debt/equity*       

< 80%

44%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

2.1%
NOK 1.0 bn

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

As of 30 June 2019, 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.

2q19 - Maturity profile

Loan guarantees

2017

2018

1Q19

2q19

Aker BioMarine*

305

305

305

305

Ocean Harvest

46

38

35

33

Other

3

3

3

3

Total external

354

346

343

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