Funding
Avinor AS is a wholly state-owned limited company and the parent company of the Avinor Group. Good corporate governance and management at Avinor aim to ensure the greatest possible value creation and reduce the company's risk. The company's core values and ethical guidelines are fundamental premises for Avinor's corporate governance and management.
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 financing in the euro and NOK market.
The group has an unused overdraft facility of 300 million kroner and an unused five-year drawdown facility of 4 billion kroner, both maturing in 2027.
Avinor has issued bonds listed on the Oslo Stock Exchange and the Luxembourg Stock Exchange, and Norway is chosen as the group's home state. The group follows the Norwegian recommendation for corporate governance, developed by NUES (Norwegian Corporate Governance Board), as far as it fits. The principles in the NUES recommendation are supplemented by the government's focus on corporate governance in the management of state ownership.
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.
Outstanding Loan
(Million kroner)
Avinor's bond loan in euros is listed on the Luxembourg Stock Exchange. The bond loans in Norwegian kroner are listed on the Oslo Stock Exchange.
| Lender |
Currency |
Principal Q4-2024 (millions) |
Maturity |
|
The European Investment Bank |
NOK |
700 |
18.04.2028 |
|
The European Investment Bank |
NOK |
445 |
07.06.2028 |
|
The Nordic Investment Bank |
NOK |
840 |
20.12.2031 |
|
The Nordic Investment Bank |
NOK |
840 |
20.05.2035 |
|
Revolving Credit Facility |
NOK |
6,000 |
2030 |
|
Cash Credit |
NOK |
300 |
2027 |
The annual update of Avinor's EUR 3,000,000,000 Euro Medium Term Note Program ("EMTN program") was approved on December 12, 2024, by the prospectus authority in Luxembourg, Commission de Surveillance du Secteur Financier, and crossed the border to Norway.
Any bonds issued by Avinor in 2025 will be issued under the EMTN program and listed on the stock exchange in Luxembourg or Oslo Børs, depending on whether the bonds are registered in Euroclear SA/NV, Clearstream Banking S.A, or VPS (Verdipapirsentralen).
Nordic Trustee will be the trustee and calculation agent, and DNB Bank Securities Services will be the account manager issuer for loans registered in VPS.
In connection with the EMTN program, Avinor has also entered into an agency agreement with BNP Paribas, Luxembourg branch.
EMTN Archive
Here you will find older EMTN documents from 2015 up to today.
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