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Braemar 1 1680X500

Debt Information

The Group of companies’ overriding financial objectives target to secure long term visibility and flexibility.

Side relief Braemar (I), by Per Hurum.

Financial objectives and Green financing framework 

The Group of companies’ overriding financial objectives target to secure long term visibility and flexibility through business cycles and are structured around three key principles; 

i) the financial position of the Company shall be strong and built on conservative leverage and solid liquidity position

ii) each company within the Group of companies must optimize its own non-recourse debt financing taking into account underlying market fundamentals and outlook for the respective business and relative cost of capital.

 

iii) with the aim to accelerate growth, subsidiaries within the Company’s high growth and capital-intensive business segments, are actively investigating and considering various means of sourcing  external capital, hereunder a broad set of equity options including listing.

Further, to position the Group of companies for the upcoming implementation of the EU taxonomy directive and to formalize the Company’s commitment to sustainable financing, green financing frameworks related to the Group of companies were established during 2020 under which the group’s first green bond and green bank financing was raised.

Green Finance Framework

Increasing the share of renewable energy in the global energy mix is crucial to deliver on the targets of the 2015 Paris Agreement

The Company’s investments throughout the renewable energy value chain will promote the transition towards a low-carbon and climate resilient future. To support this and positioning the Group of companies for the EU taxonomy, the Company established in 2020 a Green Finance Framework (GFF) with an eligibility assessment from DNV and issued a NOK 700 million green bond loan in September 2020. Another NOK 700 million green bond loan was issued in July 2021. Both bonds are to be used for eligible green investments as defined in the GFF. The GFF enables the Company, to issue green bonds or loans to finance what has been defined to be green projects. The framework is aligned with the ICMA Green Bond Principles and the LMA Green Loan Principles issued in 2018.

Green Finance Framework 2020

Green Finance Framework Reporting 2021

 

The GFF covers activities within the Renewable Energy segment and parts of the Wind Service segments as described below and will mainly apply to investments made via the holding companies for the said respective business segments, FOR and FOO. Investments made by other subsidiaries may however also be funded under the GFF when they are in line with the relevant defined criteria.

Wind Service

Investments and related expenditures directed towards upgrading existing turbine transport and installations vessels, such as crane and equipment upgrades and/or replacements, and potentially building new vessels, to meet estimated future market requirements of increased installation capacity.

The framework also outlines the process to evaluate, select, track and report on such investments. Each Green Finance Instrument issued under this framework should in their relevant transaction documentation refer to the GFF.

As part of establishing the GFF, the Company has by the assistance of Fred.Olsen & Co. procured the establishment of an internal Green Finance Committee (GFC) with participants from
finance, operations/technical and HSEQ departments in the relevant Company subsidiaries. The companies will nominate projects to the GFC, who will approve eligible green investments in the green investment portfolio.

In 2021 the GFC assessed and approved two specific projects as eligible green investments. EUR 10 million has been allocated to the upgrade of the crane on Bold Tern, one of the self-propelled jack-up vessels specially designed for transportation, installation and service of offshore wind turbines. In addition, EUR 60 million has been allocated to part finance the construction of Högaliden windfarm. The total green finance facility out of the Company is NOK 1 400 million. As of 31 December 2021, a total of EUR 70 million (NOK 712 million) is allocated as eligible for green financing.

Renewable Energy


Investments and related expenditures directed towards the development, construction, installation, improvement, operation, repair and maintenance of renewable energy projects. Currently, this includes i.a. onshore and offshore wind power and can also include related research and business development as well as dedicated infrastructure.

Bonheur bond issues

Bonheur ASA 21/26 Green FRN

Issue date 13.07.2026
Maturity date 13.07.2026
Amount NOK 700 000 000
ISIN NO 001 1044067
Coupon NIBOR 3m+2.9%
Coupon type FRN

a) Free Liquid Assets

The Issuer, on a non-consolidated basis, and companies owned 100% in aggregate by the Issuer, shall combined maintain cash and cash equivalents of minimum NOK 500,000,000.

(b) Book equity

The Issuer shall, on a non-consolidated basis, maintain a Book Equity of minimum NOK 2,280,000,000.

(c) Book equity ratio

The Issuer shall on a non-consolidated basis maintain Book Equity Ratio of minimum 35%.

Bonheur ASA 19/24 FRN ("Bon09")

Issue date 04.09.2019
Maturity date 13.07.2026
Amount NOK 800 000 000
ISIN NO NO 001 0861313
Coupon NIBOR NIBOR 3m+2.50%
Coupon type FRN

a) Free Liquid Assets

The Issuer, on a non-consolidated basis, and companies owned 100% in aggregate by the Issuer, shall combined maintain cash and cash equivalents of minimum NOK 500,000,000.

(b) Book equity

The Issuer shall, on a non-consolidated basis, maintain a Book Equity of minimum NOK 2,280,000,000.

(c) Book equity ratio

The Issuer shall on a non-consolidated basis maintain Book Equity Ratio of minimum 35%.

Bonheur ASA 17/22 FRN ("Bon07")

Issue date 24.05.2017
Maturity date 25.05.2022
Amount NOK 500 000 000
ISIN NO NO 001 0793565
Coupon NIBOR NIBOR 3m+4.00%
Coupon type FRN

a) Free Liquid Assets

The Issuer, on a non-consolidated basis, and companies owned 100% in aggregate by the Issuer, shall combined maintain cash and cash equivalents of minimum NOK 500,000,000.

(b) Book equity

The Issuer shall, on a non-consolidated basis, maintain a Book Equity of minimum NOK 2,280,000,000.

(c) Book equity ratio

The Issuer shall on a non-consolidated basis maintain Book Equity Ratio of minimum 35%.

Bonheur ASA 14/21 FRN ("BON06")

Issue date 09.07.2014
Maturity date 09.07.2021
Amount NOK 600 000 000
ISIN NO NO 001 0714538
Coupon NIBOR NIBOR 3m+3.50%
Coupon type FRN

a) Free Liquid Assets

The Issuer, on a non-consolidated basis, and companies owned 100% in aggregate by the Issuer, shall combined maintain cash and cash equivalents of minimum NOK 500,000,000.

(b) Book equity

The Issuer shall, on a non-consolidated basis, maintain a Book Equity of minimum NOK 2,280,000,000.

(c) Book equity ratio

The Issuer shall on a non-consolidated basis maintain Book Equity Ratio of minimum 35%.

Bonheur ASA 20/25 GREEN FRN

Issue date 22.09.2020
Maturity date 22.09.2020
Amount NOK 700 000 000
ISIN NO NO 001 0893332
Coupon NIBOR NIBOR 3m+2.75%
Coupon type FRN

a) Free Liquid Assets

The Issuer, on a non-consolidated basis, and companies owned 100% in aggregate by the Issuer, shall combined maintain cash and cash equivalents of minimum NOK 500,000,000.

(b) Book equity

The Issuer shall, on a non-consolidated basis, maintain a Book Equity of minimum NOK 2,280,000,000.

(c) Book equity ratio

The Issuer shall on a non-consolidated basis maintain Book Equity Ratio of minimum 35%.