Financing

Funding Sources

Avinor has several funding sources in the debt market. Since 2013, the group has had an EMTN (Euro Medium Term Note) program, which is the main source of medium- to long-term funding in the euro and NOK markets.

The group has an unused overdraft facility of NOK 300 million and an unused five-year revolving credit facility of NOK 4 billion, both of which mature in 2027.

Avinor has issued bonds listed on the Oslo Stock Exchange and the Luxembourg Stock Exchange, and Norway has been designated as the group’s home state. The group follows the Norwegian recommendation for corporate governance, prepared by NUES (the Norwegian Corporate Governance Board), to the extent applicable. The principles in the NUES recommendation are supplemented by the government’s focus on corporate governance in the management of the state’s ownership interests.

Avinor has official ratings from Moody’s Investor Services (Moody’s) and Standard & Poor’s Rating Services (S&P).

Financing Strategy

The parent company Avinor AS is the issuer of new loans for the group, and new debt in wholly owned subsidiaries is provided through internal loans from Avinor AS. New loans shall be issued with maturities that ensure the group long-term financing and a good spread of maturities.

The group shall at all times have a liquidity reserve, including credit facilities, equivalent to 12 months of forecast liquidity needs, including loan repayments.

Avinor has statutory limitations on long-term borrowing for financing fixed assets in relation to the size of the group’s equity.