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 on our strategy.
Our combination of equity, bank financing, project financing “SFA” and bonds provide access to capital when larger opportunities arise, while steady collections across the Group provide a strong cash flow.
The Group has the following bank financing with a total facility line of EUR 610 million:
- RCF: EUR 610 million senior secured revolving credit facility with DNB Bank ASA, Nordea Bank AB, and Swedbank ABP with maturity date as of 31 May 2025
- SFA: EUR 166 million senior secured facility agreement with PIF Barbican S.à r.l. (Pimco as original noteholder) with maturity in 2027
The Group has four listed senior unsecured bond loans outstanding in total EUR 750 million:
- 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
- B2H06: 4-year EUR 150 million issued on 22 September 2022
B2Holding will continue to finance the business through a mix of debt and equity, with a long-term equity ratio target larger than 27.5 % and a target leverage ratio below 3.0x. We aim to increase the headroom to financial covenants and 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.
Registration Document and Securities Note for B2H06 will be published late Q4’22 or early Q1’23.