Norske Skog shall operate by these guidelines to have financial flexibility to fund short and long-term capital requirements and to maintain a capital structure that suits the group’s strategy.
- Norske Skog shall aim to have access to a diversified range of capital sources.
- Norske Skog shall aim to have a leverage ratio less than 2x. Leverage ratio is defined as net interest bearing debt to last twelve months EBITDA.
- Norske Skog shall aim to keep the maturity profile on it’s main financing arrangements spread out to reduce refinancing risk. Refinancing of major debt obligations shall be initiated well in advance of respective maturities.
Norske Skog AS has available a EUR 31 million revolving credit facility for working capital purposes. The facility matures in June 2022. In addition, subsidiaries have various smaller credit facilities outstanding.
Norske Skog has a EUR 125 million bond outstanding. The bond matures in June 2022.
|Issuer||Norske Skog ASA|
|Stock exchange||An application will be made for the bond to be listed at Oslo Stock Exchange|
|Amount||EUR 125 million|
|Coupon rate||3m EURIBOR + 6 % p.a.|
|Issue date||14 June 2019|
|Maturity date||14 June 2022|
The financial covenants set out below apply for the EUR 31 million revolving credit facility and the EUR 125 million bond, on a group consolidated basis.
- Leverage ratio shall not exceed 2.75x.
- Free and available cash and cash equivalents shall not be less than NOK 100 million.