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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 Q4 2020, the total interest-bearing debt stood at EUR 936 million and net interest-bearing debt (NIBD) at EUR 888 million. Effective mid-February 2021 Axactor has refinanced the majority of our external debt, ensuring a robust debt maturity schedule.
Axactor has been able to establish several funding sources, including a EUR 545 million revolving credit facility with DnB and Nordea, with an additional EUR 75 million accordion option. The RCF matures in December 2024.
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 January 2024. A bond tap-option of EUR 100 million is remaining. The bond will be listed on Oslo Stock Exchange during Q2 2021. In addition, Axactor has an outstanding bond of EUR140 million, with a coupon of 6,5% and maturity in July 2024 subscribed by Geveran.
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.