Debt investors
In this section you can find information on Hiab's financing structure, interest rates and outstanding debt instruments. For more details, please see our Reports and presentations.
Information is updated quarterly.
Key figures
| MEUR | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
In 2019 Hiab (at the time Cargotec) adopted IFRS 16, impacting the comparability of historical net debt and gearing.
Net debt, 31 December 2024
| Type | Amount (MEUR) |
|---|---|
Hiab holds a 330 MEUR syndicated revolving credit facility, maturing in December 2028. Currently, the facility remains unused.
In addition to general terms and conditions, Hiab has a financial covenant in its bilateral loan agreements and revolving credit facility (RCF), which restricts its capital structure. According to the covenant, Hiab’s gearing must be retained below 125 percent. On 31 December 2024, Cargotec's continuing operations' (Hiab) net debt was -70 MEUR and gearing approximately -7 percent.
Hiab has not applied for a credit rating from any rating agency.
Interest rates, 31 December 2024
To manage interest rate risk, the duration of the financial portfolio is maintained by balancing between fixed and floating rate debt and by using derivative instruments.
| Instrument | Average rate | Book value (MEUR) | Nominal value (MEUR) |
|---|---|---|---|
Maturity profile, 31 December 2024
| Instrument (MEUR) | 2025 | 2026 | 2027 | 2028 | 2029 | Later |
|---|---|---|---|---|---|---|
* The detailed maturity profile of lease liabilities is reported annually and estimated in the interim reports.
Outstanding debt instruments
250 MEUR bonds (maturing 2026)
Cargotec Corporation decided on 13 September 2019 to issue two unsecured bonds in the total aggregate nominal amount of EUR 250 million. The first EUR 100 million bond matured on 23 January 2025 and carried a fixed annual interest of 1.250 per cent (ISIN: FI4000399688). The other, a EUR 150 million bond matures on 23 September 2026 and carries a fixed annual interest of 1.625 per cent (ISIN: FI4000399696). The prospectus related to the listing of the bond on Nasdaq Helsinki Ltd are accessible through the link below.
Listing prospectuses for the bonds
150 MEUR Schuldschein loans (maturing 2023 and 2025)
On 7 November 2018 Cargotec Corporation announced it had issued a series of Schuldschein loans in the amount of EUR 150 million. The transaction included floating and fixed rate tranches with maturities of 5 and 7 years. The Schuldschein loans were targeted to banks and institutional investors, with the proceeds going towards general corporate purposes, including refinancing and acquisitions.