Note 32 – Interest-bearing loans and borrowings

 

Group
2015 2014 2013
Bond loan 114 350 79 075 78 705
Loans from credit institutions 17 122 9 435 16 052
Finance lease obligations 2 514 5 425 9 164
Loans from group companies 0 0 0
Other loans 279 605 1 727
Total 134 265 94 540 105 648
thereof non-current portion 133 003 86 875 87 217
thereof current portion 1 262 7 665 18 431

On 9 July 2013, the Parent Company issued a four year 80 MEUR Senior Secured High Yield Bond, with final maturity on 9 July 2017. On 17 March 2015 the Parent Company increased the bond loan with 35 MEUR. The bond loan has floating coupon of 1 months Euribor + 5.75% which is paid quarterly. In connection to the issuance of the bond, directly attributable transaction cost amounting to 1 295 TEUR were recognized as part of the initial cost of the bond loan. Cost for additional bond loan amounting to 132 TEUR.

As part of the refinancing during mid 2013, the Group repaid the vast majority of the loans from credit institutions (mainly Nordea and Handelsbanken) and loans form related parties. Moreover, some other loans were repaid and also some finance lease agreements were terminated. The interest rates paid on the repaid interest-bearing loans and borrrowings (excluding finance lease agreements) were in the range between 5% and 10%.

As a part of finacing acquisistion of MeadWestvaco the Parent company issued a loan of 15 MEUR from credit institution Pohjola Bank plc on 21 April 2015. The loan has floating coupon of Euribor + 2,5% which is paid quaterly. Final maturity of the loan is 2 years and six months from date of agreement. In connection to the issuance of the loan directly attributable transaction cost amounting to 75 TEUR were recognized as part of the initial cost of the loan.

The Group has the following overdraft facilities:

2015 2014 2013
Overdraft facilities granted 20 646 17 536 17 753
Used amounts (presented as loans from credit institutions) 809 1 981 3 791

Below is a specification of the Group’s finance lease obligations:

2015 2014 2013
Minimum lease payments:
within 1 year 1 497 941 3 510
within 2-5 years 1 120 4 885 6 606
later than 5 years 0 115 83
Total minimum lease payments 2 617 5 941 10 199
Amount representing interest -103 -516 -1 035
Carrying amount of finance lease obligations 2 514 5 425 9 164
thereof non-current portion 1 120 4 642 6 231
thereof current portion 1 497 783 2 933