Debt
The central treasury function is responsible for the Group’s borrowing, liquidity management, currency and interest rate risk management, and serves as an internal bank for the Group.
Debt is primarily raised by the parent company Epiroc AB and transferred to subsidiaries as internal loans or capital injections. Financing is also undertaken locally, in countries which there are legal restrictions preventing financing through Group companies.
Debt structure and Maturity profile
The long-term financing as of December 31, 2024 consists of capital market borrowings of MSEK 11 676 and bilateral loans of MSEK 5 462.
On April 10, 2024 Epiroc AB entered into a revolving credit facility (RCF), of MSEK 4 000 with maturity in 2029, to refinance the previous existing facility. The participating banks in the credit facility are Bank of China, Citibank, Danske Bank, Deutsche Bank, Nordea, Skandinaviska Enskilda Banken, Standard Chartered Bank, and Svenska Handelsbanken. The Group also has a Swedish commercial paper program available, with a framework amount of MSEK 2 000.
Debt programs
| Maturity | Facility size | In MSEK | |
|---|---|---|---|
| Dec 31, 2024 | |||
| Long term | |||
| Medium Term Note Programme | 2026 | MEUR 2 000 | 1 998 |
| Medium Term Note Programme | 2027 | MEUR 2 000 |
1 998 |
| Medium Term Note Programme | 2028 | MEUR 2 000 | 1 498 |
| Medium Term Note Programme | 2029 | MEUR 2 000 | 500 |
| Medium Term Note Programme | 2031 | MEUR 2 000 | 5 681 |
| Bilateral loan | 2027 | MSEK 1 000 | 999 |
| Bilateral loan | 2028 | MSEK 2 000 | 1 996 |
| Bilateral loan | 2029 |
MSEK 1 000 | 997 |
| Bilateral loan | 2029 |
MAUD 200 | 1 368 |
| Lease liabilities | 2 336 | ||
| Loans and other financial liabilities | 244 | ||
| Less current portion of long-term borrowings | -4 | ||
| Short term | |||
| Current portion of long-term borrowings |
4 | ||
| Commercial papers | 1 111 | ||
| Lease liabilities | 792 | ||
| Loans and other financial liabilities | 498 | ||
| Total interest bearing debt | 22 017 | ||
| Credit facilities | Maturity | Facility size | Utilized |
| Revolving credit facility | 2029 | MSEK 4 000 | - |
| Commercial paper program | MSEK 2 000 | MSEK 1 111 |
Epiroc has a €2,000,000,000 Euro Medium Term Note Programme.
Green Bond & Sustainability Financing framework
Epiroc’s green bond framework enable issuance of green bonds under Epiroc’s EMTN-program. The framework is rated CICERO Medium Green, please see second opinion from CICERO Shades of Green for more information. In July 2024 Epiroc published a Sustainability Financing framework. The Sustainability Financing framework has a Second Party Opinion from Sustainalytics.
Credit rating