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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 6

30.01.2012

7

N3M+500

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

1 443

1 443

AKER 13

29.05.2015

5

N3M+350

1 000

1 000

Total Bonds Aker ASA

 

 

5 943

5 943

Bank loan (RCF) 4)

22.02.2016

4-5

 

1 000

-

Capitalised loan fees etc. 5)

 

 

(24)

(24)

Total debt Aker ASA

 

 

6 919

5 919

Bank loan Aker Capital 3)

28.09.2016

3-5

 

1 715

1 715

Capitalised loan fees etc. 5)

   

(8)

(8)

Total debt Aker ASA and holding companies as per

31.03.2017

8 625

7 625

1)  Loan amount drawn, less own bonds
2) MSEK 1 500 issue
3) MUSD 250 3 year term loan (with 1 + 1 year uncommitted extension options)
4) Revolving credit facility (RCF) of MNOK 1 000 (2020 with 1 year uncommitted extension option)
5) Capitalised loan fees and internal items
6) Called and paid in April ‘17

As per 31 March 2017, Aker met all of its loan and guarantee covenants with considerable margin.

 

Financial Covenants

Limit

Status per 31.03.2017

i

Total debt/equity*       

< 80%

40%

ii

Group loans to NAV
or Group loans

< 50%
< NOK 10 bn

1.1%
NOK 0.4bn

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

As of March 2016, 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.

1Q17 Matrurity profile

*AKER07 is called and paid in April 2017

Loan guarantees

2015

2016

1Q17

Aker BioMarine*

305

305

305

Ocean Harvest

-

59

56

Other

78

3

3

Total external

383

367

364

* 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 net Loan to Value (LTV) below 20 % over business cycles. Leverage may fluctuate, but LTV ratio should not exceed target for prolonged periods