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Debt

Atea’s capital structure includes both shareholder equity and debt. At the end of 2018, the Group had a net debt balance of NOK 17 million, compared with a net cash balance of NOK 102 million at the end of 2017.

Atea’s parent company has NOK 475 million in unsecured loan from European Investment Bank, issued in May 2018. The loan has a term of 5 years, and a rate of interest of NIBOR 6M + 0.99%. The loan has 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). With a net debt of NOK 17 million at the end of year 2018, Atea was well within debt covenant.

 

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