Schibsted’s most important sources of debt financing are bonds and loans, as well as a flexible revolving credit facility.
Schibsted has a public rating of BBB/Stable from Scope Ratings which confirms Schibsted as a solid Investment Grade Credit.
Several refinancing activities have been completed in 2022. In March Schibsted successfully issued new bonds of totally NOK 1 billion in the domestic bond market; a 5.5 year bond of NOK 600 million (floating) and a 7 year bond of NOK 400 million (fixed). In May, Schibsted signed a new 2+1 year term loan agreement of NOK 2 billion with the core bank group. The bridge loan (NOK 2.8 billion) used to finance the acquisition in Denmark (Q3 2021) has been gradually repaid during 2022 and was finally repaid in December 2022. The consent from our
banks for a temporary waiver of our financial covenant was terminated as planned on the final repayment of the bridge loan. In December, Schibsted also repaid two expiring bonds of totally NOK 400 million and purchased NOK 251 million of its own bond (FRN) maturing in June 2023.
Schibsted has a revolving credit facility of EUR 300 million. The facility has been extended to July 2027 and there is still a 1-year extension option left. The facility is not drawn and secures a strong liquidity buffer going forward.
As of 31 December 2022, Schibsted’s financing structure is as follows:
Interest-bearing debt (NOK million)
| Amount (million) | |
| Bonds/FRNs | 4 149 |
| Term loan | 2 000 |
| Bilaterale loans | 202 |
| Other | 3 |
| Total | 6 354 |
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 |
|---|---|---|---|---|---|---|
| NO0010786866 | NOK 500 | Mar 2017 | Mar 2024 | 3M NIBOR + 120 bps | Link | Link |
| NO0010797541 | NOK 349* | June 2017 | June 2023 | 3M NIBOR + 145 bps | Link | Link |
| NO0010797558 | NOK 300 | June 2017 | June 2023 | 2.825 % | Link | Link |
| NO0010878960 | NOK 1000 | April 2020 | Oct 2023 | 3M NIBOR + 240 bps | Link | Link |
| 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 |
* In December, Schibsted purchased NOK 251 million of its own bond (FRN) maturing in June 2023. Outstanding balance shown in the table.
Loans
| COUNTERPARTY | AMOUNT (MILLION) | ORIGINATION DATE | MATURITY | INTEREST |
|---|---|---|---|---|
| Nordic Investment Bank | EUR 19.2 | June 2015 | June 2025 | 6M EURIBOR + margin |
| Term loan | NOK 2 000 | May 2022 | May 2024 | NIBOR + margin |
Credit facility
| Facility type | FACILITY AMOUNT (MILLION) | ORIGINATION DATE | MATURITY | INTEREST |
|---|---|---|---|---|
| Revolving Credit Facility | EUR 300 | 2021 | 2027 | Relevant IBOR + margin |
Revolving credit facility, term loan and bonds fall due in their entirety at the stated due date. The loan in NIB have a regulated repayment profile. 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. One of 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 31 December 2022, Schibsted has undrawn credit facility amounting to NOK 3.2 billion.
Debt Maturity Profile
For more information, see Regulatory Releases