Capital Structure

Stock Chart

List of notifiable trades

General Information

Otovo ASA is registered in Norway, listed on the Oslo Stock Exchange main list. The company has only one single class of shares

Dividends

The company has not paid dividends in the last three years.

Financial strategy

Otovo’s business is financed primarily through equity, which is the most appropriate funding source for a company in a scale up phase like Otovo. The subscription business which is financed by EDEA, is set up to be partly financed through bank debt. Otovo is in a growth and scale-up phase, and is currently not in position to pay dividends. The company has certain authorisations for capital increase that have a duration of two years from the date they were given.

Debt

Otovo Subscription SPV has a bank facility with DNB & SR-Bank to finance the subscription assets. The facility consists of a EUR 50m secured RCF with bullet repayment, and an additional EUR 50m in uncommitted accordion.

The facility is priced based on a floating interest rate, with EURIBOR as the reference rate and a margin of 350 bps.

The maximum leverage is 75% in Norway, Sweden & Germany, and 60% in other countries.

The basis for calculating the leverage is the price that Otovo (the originator) sells the project to EDEA (subscripiton SPV) for. This is close to, but somewhat lower than, the ticket size, i.e. the direct purchase equivalent price.