Page 74 - Sector Alarm Annual Report 2020

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In June 2019, Sector Alarm refinanced existing debt by successfully issuing a EUR 590 million 7-year senior secured Term Loan B and a EUR 100 million 6-year senior secured credit facility (unused). The Term Loan B was issued at EURIBOR +350 bps with a 0% floor at par.
In February 2020, Sector Alarm successfully concluded a repricing of the EUR 590 million Term Loan B with the margin being reduced from 350 bps to 300 bps and was issued at par with a 0% floor.
The new loan agreement has a dividend limitation of 22,5 MEUR pr year. The EUR 100 million revolving credit facility has a gearing covenant of 9,2x Enterprise value/EBITDA if the Revolving Credit Facility is drawn 40% or more .
There are no fixed annual instalments for the EUR 590 million Term Loan B. However, Sector Alarm is required to prepay 50% of Excess Cash Flow (as defined in the Term Loan B Facility Agreement) if Net Debt Cover (as defined in the Term Loan B Facility Agreement) greater than 5.00:1 and 25% of Excess cash flow if Net Debt Cover is greater than 4.50:1 but less than or equal to 5.00:1 within 20 Business Days of delivery of Annual Financial Statements. The conditions regarding Excess Cash Flow and Net Debt Cover is applicable from the Annual Financial Statements for the financial year commencing on 1 January 2020.
Amounts in TNOK
The maturity of long-term loans is as follows:
More than 5 years
Total
Other long-term debt
Total
Note 8 / Personell costs Amounts in TNOK
Salary costs
Salaries
Employers contribution Pension costs
Other benefits
Total
Number of fulltime employees
Employee benefit expenses
Salaries
Bonuses Pension
Other benefits
2020
2019
5 819 642
5 819 642
2019
8
8
2019
27 673 9 028 527 38 479 75 707
31
6 177 477
6 177 477
2020
5 473
5 473
2020
35
47 656
6 557
606
1 010
55 830
CEO
2020
2019
Board of directors 2020 2019
1 100 15 000 0 0
2 600
2 788
1 100
358
366
0
22
22
0
0
0
0
No loans or securities have been provided to the CEO, Chairman of the Board or other related parties. There are not any agreements on severance salaries to the Board or senior executives.