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Debt overview and maturity profile
Axactor believes people, systems and funding are the key success factors for a good operating model in the debt management industry, and the ability to secure financing at competitive terms is a crucial element of the Company’s growth strategy.
At the end of Q1 2020, the total interest-bearing debt stood at EUR 895 million and net interest-bearing debt (NIBD) at EUR 845 million.
Axactor has been able to establish several funding sources, including a EUR 425 million revolving credit facility with DnB and Nordea, with an additional EUR 75 million accordion option. The RCF matures in December 2021.
In addition, the company has local credit lines of approximately EUR 50 million in Italy.
Axactor also has an outstanding bond of EUR 200 million, with a coupon of 7% and maturity in June 2021. A bond tap-option of EUR 50 million was exercised in 2019, with one further bond tap-option of EUR 50 million remainings. The bond is listed on Oslo Stock Exchange under the ticker AXA01.
Axactor established a co-investment partnership with Geveran Trading in Axactor Invest 1 in 2017. The total investment capabilities were increased from EUR 300 million to EUR 350 million in 2019, through new equity and an additional loan of EUR 20 million from Geveran Trading. The underlying financing through a EUR 120 million debt facility and a EUR 140 million B notes loan mature in November 2021 and November 2022, respectively.
Axactor’s REO assets are partly funded by a loan agreement with Nomura Intl., entered into through Reolux Holding in 2018 and maturing in August 2022.