Schibsted’s sources of debt financing are bonds/FRNs, as well as a flexible revolving credit facility.
Schibsted repaid a bond of NOK 500 million at maturity in March. NOK 200 million of the Term Loan was repaid in May, while the remaining Term Loan balance of NOK 1.8 billion was prepaid in June. The loan from NIB was also prepaid in June, totalling EUR 11.5 million.
Schibsted has a revolving credit facility of EUR 300 million. The facility is not drawn and secures a strong liquidity buffer going forward. In June, Scope affirmed Schibsted ASA’s BBB issuer rating and revised the Outlook to Positive confirming Schibsted as a solid Investment Grade company.
As of 30 September 2024, Schibsted’s financing structure is as follows:
Interest-bearing debt (NOK million)
| Amount (million) |
|
| Bonds/FRNs | 3 000 |
| Other | 16 |
| Total | 3 016 |
Further information on the respective debt categories is found below:
Bonds/Floating Rate Notes (FRN)
| ISIN | Amount (million) | Issue date | Maturity | Interest | Security note | Reg. document |
|---|---|---|---|---|---|---|
| NO0011157323 | NOK 1000 | Nov 2021 | Nov 2026 | 3M NIBOR + 78 bps | Link | Link |
| NO0012484486 | NOK 600 | Mar 2022 | Sept 2027 | 3M NIBOR + 120 bps | Link | Link |
| NO0012484494 | NOK 400 | Mar 2022 | Mar 2029 | 3.95 % | Link | Link |
| NO0012911306 | NOK 500 | May 2023 | May 2028 | 3M NIBOR + 145 bps | Link | Link |
| NO0012911231 | NOK 500 | May 2023 | May 2030 | 4.85 % | Link | Link |
Credit facility
| Facility type | FACILITY AMOUNT (MILLION) | ORIGINATION DATE | MATURITY | INTEREST |
|---|---|---|---|---|
| Revolving Credit Facility | EUR 300 | July 2021 | July 2028 | Relevant IBOR + margin |
Revolving credit facility and bonds fall due in their entirety at the stated due date. Final due dates are stated in the above table.
Schibsted’s long-term loans carry a floating interest rate and are linked to the money market interest rates plus a margin. The bonds with fixed interest rate have been swapped to floating interest rate at origination.
Schibsted’s loan agreements contain requirements for net interest-bearing debt (NIBD) in relation to the operating profit before depreciation and amortization (EBITDA).
Based on the most recently published quarterly report at 30 September 2024, Schibsted has undrawn credit facility amounting to NOK 3.5 billion.
Debt Maturity Profile
For more information, see Regulatory Releases