Debt and credit facilities

Cloetta’s primary loan financing is composed of a credit agreement with Svenska Handelsbanken AB (publ) which is a facility of a total of SEK 2.3 billion as of 31 December 2013 and issued senior secured notes for a total amount of SEK 1.0 billion as of 31 December 2013.

In addition to the used credit facility of a total of SEK 2.3 billion, Cloetta has access to an unused overdraft facility of approximately SEK 0.6 billion as per 31 December 2013. The credit agreement with Svenska Handelsbanken AB (publ) expires during 2017 and the senior secured notes expire during 2018. Under the credit agreement, Cloetta is subject to certain covenants and dividend restrictions described in summary below.

 

  • Cloetta has a long-term goal for indebtedness equivalent to a net debt/EBITDA ratio of around 2.5 x.
  • The credit agreement contains some covenants covering net debt/EBITDA, interest coverage ratio and equity/assets ratio and will be reviewed on a quarterly basis. The bank financing agreement provides for additional headroom to covenants.
  • The interest margins stipulated by the credit agreement have been set according to a ratchet scale based on Cloetta’s net debt/EBITDA ratio. The effective interest rate per 31 December 2013 amounted to 3.75%.

For more information on Cloetta’s present indebtedness and financial position, see the latest interim report.

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