Note 25 Liabilities to credit institutions
|Overdraft facility utilized||Utnyttjad checkräkningskredit||0||57,854|
|Liabilities to credit institutions||Skulder till kreditinstitut||4,516,301||4,180,105|
|Other liabilities||Övriga skulder||0||0|
|Reported amount||Redovisat värde||4,516,301||4,237,959|
The bank loans have variable interest rates between EURIBOR +3-11% . The loans have a grace period until 2022. About SEK 1,032Mil (954Mil) of the loans consist of “PIK loans” (Payment In Kind loans), where instead of being collected, the interest is added to the amount of the debt. For loans that are not PIK loans, interest is paid monthly.
The group has entered into interest rate swap agreements in order to reduce the risk of higher interest rates. For additional information on the interest rate swap agreement and the maturity schedule of the debt see Note 3. The loan agreement contains specific conditions or “covenants”. These conditions have been met during the entire term of the loan. The conditions are based on maintaining an acceptable debt to EBITDA ratio. The covenant test only needs to be carried out if the group utilizes more than a specific threshold value of its overdraft facility.
Utilized overdraft facilities are reported as “Short-term liabilities to credit institutions”. The overdraft facility’s limit amounted to SEK 300Mil (300Mil).