Investors

Financing

Interest-bearing debt

  • Title: Bond loan
  • NOK million: 1,850.0
  • Weighted average current interest: 4.47%
  • Weighted average interest terms: 3 months NIBOR + 4.25%
  • Weighted average amortisation plan (years): None
  • Weighted average years to final maturity: 2.3
  • In compliance with covenants?: Yes
  • Title: Bank loan
  • NOK million: 326.0
  • Weighted average current interest: 2.9%
  • Weighted average interest terms: 3 months NIBOR + 2.5%
  • Weighted average amortisation plan (years): 20.5
  • Weighted average years to final maturity: 7.7
  • In compliance with covenants?: Yes
  • Title: Revolving credit facility
  • NOK million: 172.5
  • Weighted average current interest: 2.61%
  • Weighted average interest terms: 3 months NIBOR + 2.25%
  • Weighted average amortisation plan (years): 0.3
  • Weighted average years to final maturity: 0.3
  • In compliance with covenants?: Yes

Key terms bond loan:

NOK 1,850,000,000 senior secured bond. Guarantees and security is shared with certain hedging providers and one or more revolving credit facilities and, under the terms of an intercreditor agreement, the bond issue ranks behind the relevant hedging providers and the revolving credit facilities in the payment waterfall.

Call option: Voluntary redemption of bond (i) prior to 11 June 2023 is done with a "make whole" compensation to bondholders and (ii) after 11 June 2023 until (but not including) Final Maturity is done at 101% of the nominal amount of redeemed bond.

Put option: Upon a change of control, failure to list the bond or a de-listing of the Issuer's share from Oslo Børs, exercisable at 101% of the nominal amount of the redeemed bond.

General undertakings (covenants): Customary general undertakings applicable to the Issuer and all its direct and indirect subsidiaries, including maintaining authorisations, compliance with laws, continuation of business, pari passu ranking, limitations on investments, limitations on distributions, certain financial support restrictions, restrictions on limiting subsidiaries' right to make distributions.

Financial covenants: The Issuer must ensure compliance with the following financial covenants (maintenance covenants), measured on the group as a whole:

  • Interest cover ratio (ICR) of not less than 1.5x
  • Net-loan-to-value ratio below (NLTV) 75%
  • Liquidity not less than an amount equal to net interest costs for the next 6 months

In addition (incurrence covenants):

  • any distribution from the Issuer is subject to an NLTV of not less than 65% and a liquidity that is 1.5x higher than the liquidity requirement above; and
  • the incurrence of certain otherwise permissible new financial indebtedness is subject to a loan-to-value ratio of 60%.
  • The group was in compliance with all covenants related to its liabilities at 31 March 2021.

For further details, please refer to KMC Properties’ Q2 & 1H 2021 report.

Financial instruments

  • Swap agreement: Interest & currency
  • Currency amount (Million): NOK 335
  • Start date: 23.12.2020
  • Maturity date: 11.12.2023
  • Fixed currency rate: EUR/NOK = 10.630
  • Fixed interest: EURIBOR = -0.51%
  • Swap agreement: Interest & currency
  • Currency amount (Million): NOK 240
  • Start date: 23.12.2020
  • Maturity date: 11.12.2023
  • Fixed currency rate: SEK/NOK = 1.050
  • Fixed interest: STIBOR = 0.017%
  • Swap agreement: Interest & currency
  • Currency amount (Million): NOK 165
  • Start date: 23.12.2020
  • Maturity date: 11.12.2023
  • Fixed currency rate: DKK/NOK = 1.428
  • Fixed interest: DANISH IBOR = -0.505%
  • Swap agreement: Interest
  • Currency amount (Million): NOK 500
  • Start date: 13.07.2021
  • Maturity date: 31.12.2030
  • Fixed currency rate: Not applicable
  • Fixed interest: NIBOR = 1.5175%
  • Swap agreement: Interest
  • Currency amount (Million): EUR 32
  • Start date: 11.12.2023
  • Maturity date: 13.12.2027
  • Fixed currency rate: Not applicable
  • Fixed interest: EURIBOR = -0.03%
  • Swap agreement: Interest
  • Currency amount (Million): SEK 120
  • Start date: 11.12.2023
  • Maturity date: 13.12.2027
  • Fixed currency rate: Not applicable
  • Fixed interest: STIBOR = 0.686%
  • Swap agreement: Interest
  • Currency amount (Million): DKK 120
  • Start date: 11.12.2023
  • Maturity date: 13.12.2027
  • Fixed currency rate: Not applicable
  • Fixed interest: DANISH IBOR = 0.215%

IR Contact

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Charlotte Knudsen

IR and media contact