Cloetta’s loan portfolio consists of bank loans from a group of for banks (Danske Bank, DNB, Skandinaviska Enskilda Banken and Svenska Handelsbanken) in SEK and EUR currencies.
The Facilities Agreement went in to effect in July, 2016 as part of an overall refinancing of Cloetta which also included the redemption of the Group’s Senior Secured Notes (“Bonds”)
The Facilities Agreement comprises a term loan of SEK 1,000m, a multicurrency term loan of EUR 175m, and a multicurrency revolving credit facility of EUR 120m. At 31 December 2016 the term loan and multicurrency term loan were utilized for a total amount of SEK 2.677m. The multicurrency revolving credit facility has not been utilized at 31 December 2016.
The term loan of SEK 1,000m matures in September 2017 with the possibility of an extension of one year at Cloetta’s discretion, the term loan of EUR 175m matures in July 2019, with the possibility of an extension of up to two years (subject to lender approval) and the revolving facility matures in July 2021.
The term loans bear a variable interest based on STIBOR plus an fixed applicable margin for the loan in SEK and a variable interest based on EURIBOR plus an fixed applicable margin for the loan in EUR. The revolving credit facility bear a EURIBOR/STIBOR variable interest plus fixed applicable margin.
Total net debt
Cloetta´s total net debt year to date is reported here.