Cloudberry Annual report 2021 Financial statements 144 The interest rate on the term loan is 3 months NIBOR pluss margin less than 2% The bank loan facilities’ terms are at a market floating interest rate with a fixed interest rate swap to reduce the interest rate risk. See note 11 Hedge accounting. The following financial covenants and collateral apply to the credit facilities: 1. Group consolidated equity ratio, minimum 30% Cloudberry Production equity ratio, minimum 30% Minimum Group equity NOK 1 800m Minimum equity Cloudberry Production AS, NOK 90m 2. Liquidity reserves Group level, minimum NOK 40m 3. Minimum secured 75% share of principal pr loan of 5 years. 4. Pledge related to Cloudberry Production AS: Pledge in shares in all subsidiaries with producing assets (SPV’s). Pledge in shares in associated companies Pledge in cash, inventory and receivables. Pledge applied for subsidiaries with producing assets: Pledge in cash and bank accounts Pledge in property plant and equipment Pledge in inventory and receivables Pledge in lease agreements for land and water/fall rights. The Group was not in any breach with covenants as per 31 December 2021.
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