*Debt Information*
The Group of companies’ overriding financial objectives target to secure long term visibility and flexibility.
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 to finance activities in Group of companies covered by the EU taxonomy, the Company has updated its Green Finance Framework (GFF) to include eligibility criteria from the taxonomy. All new activities financed under the GFF must be eligible under the EU taxonomy, in addition to the original criteria set out in the framework.
The GFF enables the Company, to issue green bonds or loans to finance what has been defined to be green projects. In addition to the new taxonomy criteria, the framework is also aligned with the ICMA Green Bond Principles and the LMA Green Loan Principles issued in 2018.
The GFF covers activities within the Renewable Energy segment and parts of the Wind Service segments as described below. Investments made by other subsidiaries may however also be funded under the GFF when they are in line with the relevant defined criteria.
The following Green Projects may be financed by Green Finance Instruments issued under this framework:
- Investments in renewable energy projects
- Investments in, or upgrading of, offshore wind turbine transportation and installation vessels and related equipment
- Investments in and operating expenses related to activities within onshore and offshore wind turbine installation, repair, upgrading and maintenance of renewable energy production
- Financing and refinancing of ongoing projects and assets that are aligned with the green project criteria
- Other projects seen as eligible with the EU Taxonomy classifications
*Bonheur bond issues*
| Issue date | 09.10.2024 |
|---|---|
| Maturity date | 09.10.2029 |
| Amount NOK | 950 000 000 |
| ISIN NO | NO 001 3355263 |
| Coupon NIBOR | 3m+2.35% |
| 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%.
| Issue date | 15.09.2023 |
|---|---|
| Maturity date | 15.09.2028 |
| Amount NOK | 600 000 000 |
| ISIN NO | 0013014688 |
| Coupon NIBOR | 3m+3% |
| 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%.
| Issue date | 13.07.2021 |
|---|---|
| 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%.
| Issue date | 22.09.2020 |
|---|---|
| Maturity date | 22.09.2025 |
| 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%.
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