8. Short-term and long-term interest-bearing liabilities
|
Revolving Credit Facility |
EU Private Placements |
Boreas Linked Loan |
Eksfin Green Loan |
Green Loan Framework |
Capitalised financing costs |
Total 2025 |
Total 2024 |
|
|
Book value at 1 January |
50,000 |
150,000 |
260,000 |
93,167 |
130,000 |
-10,193 |
672,974 |
530,491 |
|
New financing |
- |
250,000 |
79,436 |
- |
- |
-5,518 |
323,918 |
450,632 |
|
Repayment |
-50,000 |
-50,000 |
-33,943 |
-8,667 |
-130,000 |
- |
-272,610 |
-308,667 |
|
Amortisation and other movements |
- |
- |
- |
- |
- |
2,812 |
2,812 |
518 |
|
Book value at 31 December |
- |
350,000 |
305,493 |
84,500 |
- |
-12,899 |
727,094 |
672,974 |
|
Of which presented as short-term liabilities |
- |
45,000 |
33,943 |
8,667 |
- |
-2,577 |
85,033 |
82,705 |
|
Of which presented as long-term liabilities |
- |
305,000 |
271,550 |
75,833 |
- |
-10,322 |
642,061 |
590,269 |
|
- |
350,000 |
305,493 |
84,500 |
- |
-12,899 |
727,094 |
672,974 |
In March 2025 the company refinanced the Revolving Credit Facility bringing the principal amount to EUR 550 million (EUR 450 million); the maturity date is March 2030. At 31 December 2025, EUR nil (EUR 50 million) was drawn under this facility.
In 2019, an EU Private Placement of EUR 200 million was arranged consisting of 6 tranches with terms of 5 to 10 years. During 2022 and 2025, EUR 100 million was repaid. In 2026 and 2029 the remaining will be repaid (respectively EUR 45 million and EUR 55 million). During 2025, an additional EU Private Placement of EUR 250 million was arranged consisting of 5 tranches with terms of 5 to 12 years.
In June 2024, an Innovative Green EUR 260 million Atradius Dutch State Business covered financing linked to the Boreas was signed. The amount was fully drawn in December 2024. In February 2025 additional financing was secured under this facility, and by May 2025 EUR 79 million was additionally drawn. As from June 2025 repayment of this loan takes place over 10 years in semi-annual instalments and EUR 34 million is presented under short-term liabilities at year-end 2025.
In 2023, a Green Loan of EUR 104 million was secured from Export Finance Norway (Eksfin) related to the cable-laying vessel Calypso built by Vard, Norway. The amount has been fully drawn in August 2023. Repayment of this loan takes place over 12 years in quarterly instalments and EUR 8.7 million is presented under short-term liabilities at year-end 2025.
In 2020, Van Oord signed a Green Loan Framework of EUR 130 million of variable rate loans, with maturity dates in 2027. During 2025 these loans were fully early repaid.
At year-end 2025, the company was within the limits of the loan terms as agreed under the credit facility agreements (i.e. leverage ratio ≤ 3.5 and interest coverage ratio ≥ 4.0).
The average rate of interest on long-term loans in 2025 was 3.3% (3.2%).
Further details of effective interest rates, remaining maturities, and currencies in which the interest-bearing liabilities are denominated are provided in the note on financial instruments under ‘interest rate risk’.
