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Debt

Epiroc’s financial risk management is centralized to benefit economies of scale, to ensure good internal control and to facilitate monitoring of risk.

 

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

As per end of September 2019, the long-term financing consists of capital market borrowings of MSEK 2 000 (maturity in 2023), a loan facility from Swedish Export Corporation (SEK) and Svenska Handelsbanken (SHB) of MSEK 2 000 (maturity 2023, with two one year extension options), a loan from the European Investment Bank (EIB) of MEUR 100 (maturity 2022) and a loan facility with Nordic Investment Bank (NIB) of MSEK 1 000 (maturity 2027).

 

A revolving credit facility (RCF), of MSEK 4 000, is available to be used for general corporate purposes and as a backup facility. The maturity is 2024 with the addition of a one-year extension option, exercisable at the anniversary of the RCF, subject to the consent of the lenders. The facility was entered into by Bank of China, Citibank, Danske Bank, Deutsche Bank, Nordea, Skandinaviska Enskilda Banken, Standard Chartered Bank, and Svenska Handelsbanken. The Group also have a Swedish commercial paper program available, with a framework amount of MSEK 2 000.

1) Including lease liabilities

Debt programs

Epiroc EMTN programme 

Epiroc has a €1,500,000,000 Euro Medium Term Note Programme.
  • Epiroc EMTN Base Prospectus 934.5 kB, PDF
  • Presentation EMTN Program 2.2 MB, PDF

Credit rating

Epiroc was assigned preliminary BBB+ credit rating from S&P Global Ratings on November 21, 2018. On December 5, 2018, Epiroc was assigned a BBB+ long-term issuer credit rating and a BBB+ rating to the SEK2 billion senior unsecured bonds that Epiroc issued on November 29, 2018.
  • 2018-12-05 S&P Global Ratings – Epiroc 316 kB, PDF
  • 2018-11-21 S&P Global Ratings – Epiroc 290.9 kB, PDF