Debt investors
Key figures
| EUR million | Q3 2022 | 2021 | 2020 |
| Interest-bearing net debt | 274.0 | 140.7 | 118.6 |
| Interest-bearing net debt excluding lease liabilities | 135.1 | 5.0 | -10.6 |
| Gearing, % | 131.8 | 69.8 | 60.4 |
| Equity ratio, % | 19.0 | 19.0 | 18.9 |
Debt maturity structure on 31 December 2022
Outstanding debt instruments
Bonds
Bond maturing in 2027
On February 25, 2022, Caverion issued a senior unsecured bond of EUR 75 million. The five year bond matures on 25 February 2027 and it carries a fixed annual interest of 2.750 percent and has an issue price of 99.425 percent. ISIN code: FI4000518212
Hybrid bond
On 15 May 2020, Caverion issued a EUR 35 million hybrid bond, an instrument subordinated to the company's other debt obligations and treated as equity in the IFRS financial statements. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders.
The coupon of the hybrid bond is 6.75 percent per annum until 15 May 2023. If the hybrid bond is not redeemed on 15 May 2023, the coupon will be changed to 3-month EURIBOR added with a Re-offer Spread (706.8 bps) and a step-up of 500bps.
Term loan and revolving credit facility
The facility agreement consists of a EUR 100 million revolving credit facility and a EUR 50 million term loan with a termination date on 15 January 2025 and the possibility to extend the maturity by two additional years.
Pension loan
Caverion raised a five year TyEL pension loan of EUR 15 million on 29 April 2020.
Commercial paper programme
Caverion has a EUR 200 million Finnish commercial paper programme, arranged by Danske Bank, Nordea, OP, Swedbank and SEB.
Financial risk management
Read about Caverion’s financial risk management in our Annual Review, p. 68.