Atea’s capital structure includes both shareholder equity and debt. At the end of 2017, the Group had a net cash balance of NOK 102 million, compared with net debt of NOK 350 million at the end of 2016.
Atea’s parent company has NOK 300 million in unsecured bonds outstanding, which mature in 2018. The bonds have a covenant that the Group’s net debt must remain below 2.5 times pro forma EBITDA for the prior twelve months (EBITDA includes any acquisitions made during this period). Due to cash balance of NOK 102 million at the end of year 2017, Atea was well within debt covenant.
The securities note and registration document for the bond is below: