Bonds and Financing

B2Holding has a solid funding base to support future growth. Our gearing and our long-term funding structure give us the liquidity and financial flexibility to deliver our strategy.

Our combination of equity, bond and loan financing provides access to capital when larger opportunities arise, while steady collections across the Group provide a strong cash flow.

The total share capital (equity) raised since 2011 was at year end 2018 EUR 307 million of which EUR 79 million was raised in 2018.

The Group holds a EUR 510 million senior secured revolving credit facility (RCF) with DNB Bank ASA, Nordea Bank AB and Swedbank ABP with an ultimate maturity date as of 31 May 2022.

The Group has five listed senior unsecured bond loans outstanding in total EUR 925 million:

  • B2H01: 5-year EUR 150 million issued on 8 December 2015
  • B2H02: 5-year EUR 175 million issued on 4 October 2016
  • B2H03: 5-year EUR 200 million issued on 14 November 2017
  • B2H04: 5-year EUR 200 million issued on 23 May 2018
  • B2H05: 5-year EUR 200 million issued on 28 May 2019 (not yet listed*)

B2Holding will continue to finance the business through a mix of debt and equity, with a long-term equity ratio target larger than 25 % and a target leverage ratio below 3.0x. We aim to maintain solid liquidity, including undrawn RCF capacity and cash reserves, in order to facilitate future growth and to be able to act when attractive opportunities arise.

For further information see Registration Document and Securities Note below. 

*Please note that the newest Bond will be listed on the Oslo Stock Exchange in Q3 2019. 

Bond documents: