Most of the Group’s interest-bearing debt is raised centrally by the Group’s parent company. The Group seeks to reduce liquidity and refinancing risks with a balanced maturity profile of loans as well as by keeping sufficient amount of credit lines available.
The maturity profile of the Group’s loan portfolio is good. Revolving credit facilities of 60 MEUR will mature in 2024. The Group’s bank facilities are unsecured and include normal financial covenants. The Group has agreed with its lenders to temporarily change financial covenants used in its loan agreements for the periods from Q3/2022 to Q1/2023. The new financial covenants include limits on the available liquidity, net debt to EBITDA and gearing ratio. The Group is currently compliant with all financial covenants and expects to comply with future bank requirements as well.
In addition to the above facilities, the Group has a Finnish commercial paper program of EUR 80 million. The program is utilized to satisfy the Group’s short term funding needs cost-efficiently.