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Debt

Public credit rating

Atea has a public credit rating of BBB+/Stable from Nordic Credit Rating which confirms Atea as a solid Investment Grade Credit. 

Full credit report can be found here: Atea credit report

Credit facilities

As of 30 September 2022, Atea has the following credit facilities:

EIB loan

Atea ASA has entered into an unsecured loan agreement for NOK 475 million with the European Investment Bank in May 2018. The loan has a term of 5 years, and a rate of interest of NIBOR 6M + 0.99%.

Receivables facility

Atea has a revolving credit facility of NOK 1,100 million secured by other receivables through a securitization program. Pricing on the facility is IBOR 3M + 1.00%.

Overdraft facility

Atea Group has an overdraft facility of NOK 300 million through its primary bank. The facility has standard terms and conditions for this type of financing.

Money market line

Atea Group has secured access to a revolving credit line of NOK 600 million through the money market. The facility has standard terms and conditions for this type of financing.

Short-term loan

Atea ASA has entered into a short-term loan agreement with Nordea for NOK 500 million. The loan was arranged in May 2022 and matures in December 2022, with a rate of interest of NIBOR + 1.25%.

Other short-term debt

Atea has a temporary uncommitted revolving trade finance facility with Deutsche Bank for up to USD 140 million, under which Deutsche Bank extends payables to one vendor on behalf of Atea ASA and its subsidiaries at a rate of interest of CME SOFR + 2.00%. 

Additional information on the credit facilities can be found in Atea’s financial reports.

Securitization facility

Atea ASA and its subsidiaries in Norway, Sweden and Denmark have entered into a securitization contract with its primary bank which enables Atea to sell specified accounts receivable at an implicit discount rate of IBOR 3M + 0.60%. This securitization contract is separate from the Receivables facility described above.

The securitization contract was entered into in December 2021 and matures in December 2024. The maximum balance of accounts receivable which may be sold at any time during the term is NOK 1,900 million.

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