Debt investors

 

Key figures

EUR million Q2 2022 2021 2020
Interest-bearing net debt 215.4 140.7 118.6
Interest-bearing net debt excluding lease liabilities 77.5 5.0 -10.6
Gearing, % 111.3 69.8 60.4
Equity ratio, % 18.6 19.0 18.9

 

Debt maturity structure on 30 June 2022

Outstanding debt instruments

 

Bond issue prospectus

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

ESG questionnaire for credit investors

Bond maturing in 2023

On March 28, 2019, Caverion issued a senior unsecured bond of EUR 75 million. On February 2022, Caverion carried out a tender offer for the bond, resulting to a EUR 71.5 million acceptance level. The four year bond matures on 28 March 2023 and it carries a fixed annual interest rate of 3.250 percent per annum. ISIN code: FI4000375381

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.

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.

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.