Financing

Property ownership is highly capital intensive and Fabege’s property portfolio represents a significant value. Accordingly, the choice of capital structure and financing policy are of the utmost importance.

Fabege’s financing operations are governed by the company’s financial policy, which is established by the Board of Directors. Long-term credit lines provide safe and flexible financial management. 

Breakdown of sources of funding*

unitProcent
Revolving facilities 3%3
Bond financing 23%23
Commercial paper 15%15
Other loans 48%48
Unutilised facilities 11%11

Interest rate maturity structure*

  Amount, SEKm Average
interest
rate, %
Share, %
< 1 year 14,924 2.77 59
1-2 years 1,270 1.76 5
2-3 years 0 0.00 0
3-4 years 1,000 2.68 4
4-5 years 1,800 1.07 7
5-6 years

1,000

0.90 4
6-7 years 1,300 0.97 5
7-8 years 700 0.94 3
8-9 years 1,300 1.05 5
9-10 years 1,900 1.22 8
 Total 25,194 2.17 100
The average interest rate for the <1 year period includes the margin for the entire debt portfolio because the company's fixed-interest period is established using interest rate swaps, which are traded without margins.

Loan maturity structure*

  Credit agreement, SEKm Drawn,
SEKm
 
Commercial paper programme 5,000 4,175  
<1 year 4,570 2,101  
1-2 years 4,171 3,463  
2-3 years 5,794 3,194  
3-4 years 2,300 800  
4-5 years 5,700 5,700  
5-10 years 4,508 4,508  
10-15 years 0 0  
15-20 years 0 0  
20-25 years 1,253 1,253  
Total 33,296 25,194  

*per 31 March 2018