Financial Strategy
Credit facilities agreement
Elmera Group ASA entered into a new credit facilities agreement on 23 September 2024. The credit facilities agreement is facilitated by DNB Bank ASA, acting as the agent for a syndicate comprising DNB Bank, Danske Bank, Swedbank and Sparebanken Vest.
The agreement includes the following facilities;
- a NOKt 850 000 term loan facility
- a NOKt 5 200 000 revolving credit facility
- a NOKt 2 000 000 guarantee facility
The Term Loan - NOKt 850 000
At 31 March 2025 the remaining term loan principal balance is NOKt 807 500. The termination date of the loan is in September 2027, with an option to extend the termination date by two periods of twelve months. The Term Loan is to be repaid in quarterly repayments of 2,5 % of the original amount of the Term Loan, with the remainder being repaid in full on the termination date. The reference interest rate is NIBOR. The loan instalments of NOKt 85 000 that are due within the next twelve months are reported as short term interest-bearing debt in the statement of financial position.
The Revolving Credit Facility - NOKt 5 200 000
The undrawn Revolving Credit Facility is available up until one month before the termination date. The termination date is in September 2027, with an option to extend the termination date by two periods of twelve months. Any repaid drawings on the facility are available for re-drawing. Part of the Revolving Credit Facility can be carved out as ancillary facility. The Group has carved out an overdraft facility of NOKt 1 500 000, see section below.
The Overdraft Facility - NOKt 1 500 000
The Group has carved out an Overdraft Facility from the Revolving Credit Facility, which is available one year from the agreement date in September 2024. The Overdraft Facility will be renewed for another year unless the Group requests otherwise.
The Guarantee Facility - NOKt 2 000 000
The purpose of the Guarantee Facility is the issuance of guarantees and letters of credit for the general corporate and working capital purpose of the Group, hereunder gurantees related to re-invoicing agreements with grid owners, property rental agreements etc. The termination date of the Guarantee Facility is in September 2027, with an option to extend the termination date by two periods of twelve months.
Security
The Group’s trade receivables have been pledged as security for all credit facilities under the new facilities agreement.
Financial covenants
Under the new Credit Facility Agreement, the following covenants apply:
- The Drawn RCF Debt Percentage1 does not exceed 80 per cent at any time;
- Leverage2 at all times is less than 2.00:1; and
- Liquidity3 at all times shall be at least NOK 500,000,000.
Drawing under the respective facilities is disclosed in the notes to the group’s quarterly financial statements.