Credit agreement

On 31 October 2022, Ambea refinanced an existing agreement with Danske Bank A/S, Denmark, Swedish Branch, DNB Sweden AB and Nordea Bank AB, Swedish Branch. The new agreement has a three-year term and an option to extend the term for a period of one year.

The credit facility carries an interest rate corresponding to the relevant IBOR plus a variable margin based on Ambea’s net debt to EBITDA ratio. The company has a net debt-to-EBITDA ratio covenant. In addition, the financing agreement contains market-based financial terms that must be met. Moreover, Ambea is required to pay an upfront fee for setting up the credit facility, pay a commitment commission for the undrawn portion of the credit facility on a quarterly basis in arrears, pay a recurring fee to the facility agent and, if applicable, pay a fee for extending the term of the credit facility.

The agreement is strategically linked to carefully selected sustainability key performance indicators, where the financial terms are adjusted according to progress towards the predetermined sustainability targets. The key performance indicators include the Group’s initiatives to reduce emissions of greenhouse gases (GHG) within Scope 1, 2 and 3, increased employee engagement (eNPS), and improved care receiver satisfaction.