As of 30 June 2023, Atea has the following credit facilities:
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%.
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.
Atea ASA has entered into an unsecured loan agreement for NOK 588 million with the European Investment Bank in May 2023. The loan has a term of 6 years, and a rate of interest of NIBOR 6M + 1.148%.
Atea Group entered into agreement with Deutsche Bank for a temporary uncommitted revolving trade finance facility in the amount of up to USD 110 million in May 2023 (USD 140 million in May 2022), 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.
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.