Debt structure and maturities

Interest-bearing liabilities 

As of December 31, 2016, Ahlstrom's interest-bearing liabilities amounted to EUR 190.2 million (EUR 243.3 million at the end of 2015).     

Main debt securities and facilites

EUR millions

Total amount

Outstanding*

Interest rate

Maturity

Bond issued in 2014

EUR 100

EUR 100

4.125%

2019

Hybrid bond** issued in 2013

EUR 100

EUR 100

7.875%

Perpetual***

Revolving credit facility

EUR 180

EUR 0

-

2019

Commercial paper program

EUR 300

EUR 10

-

-

* December 31, 2016
** Subordinate to debt, treated as equity
*** Callable in 2017 

Maturity profile

Stable and sufficient liquidity 

 

Liquidity and covenants

The company's liquidity continues to be good. At the end of the review period, its total liquidity, including cash, unused committed credit facilities and committed cash pool overdraft limits, was EUR 268.7 million (EUR 299.0 million). In addition, the company had undrawn uncommitted credit facilities and cash pool overdraft limits of EUR 70.0 million (EUR 103.6 million) available.

In June 2016, the maturity of Ahlstrom's EUR 180 million revolving credit facility was extended for one year in accordance with the extension option of the loan agreement. The maturity of the committed facility is now extended until June 2019

Gearing is the only financial covenant governing Ahlstrom’s loan agreements.

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