Debt financing

Schibsted Media Group’s most important sources of debt financing are bonds and flexible multi-currency loan facility, as well as long-term loans.

Schibsted ASA has a well-diversified loan portfolio with loans from both the Norwegian bond market and the Nordic Investment Bank. In addition, Schibsted has a long-term revolving credit facility of EUR 300 million. As of 30 September, this facility was not drawn. There are no changes to the loan portfolio during the third quarter.

As of 30 September 2018, the Group’s financing structure is as follows:

Interest-bearing debt (NOK million)

Amount
(million)
Bonds/FRNs3 700
Bilaterale loans500
Multi-currency loans
Other13
 Total4 213

Further information on the respective debt categories is found below:

Bonds/Floating Rate Notes (FRN)

ISINAmount (million)Issue dateMaturityInterestSecurity noteReg. document
NO0010637275NOK 300Mar 2012Mar 20195.9 %LinkLink
NO0010667843NOK 250Dec 2012Dec 20225.4 %LinkLink
NO0010667850NOK 150Dec 2012Dec 20223M NIBOR + 250 bpsLinkLink
NO0010710569NOK 600May 2014May 20213M NIBOR + 110 bpsLinkLink
NO0010786866NOK 500Mar 2017Mar 20243M NIBOR + 120 bpsLinkLink
NO0010797533NOK 1000June 2017June 20203M NIBOR + 100 bpsLinkLink
NO0010797541NOK 600June 2017June 20233M NIBOR + 145 bpsLinkLink
NO0010797558NOK 300June 2017June 20232.825 %LinkLink

Bilateral loans

COUNTERPARTYAMOUNT (MILLION)ORIGINATION DATEMATURITYINTEREST
Nordic Investment BankNOK 27Apr 2007Apr 20196M NIBOR + margin
Nordic Investment BankEUR 50June 2015June 20256M EURIBOR + margin

Multi-currency loan facility

COUNTERPARTYFACILITY AMOUNT (MILLION)ORIGINATION DATEMATURITYINTEREST
Bank syndicateEUR 300Jul 2014Jul 2021Relevant IBOR + margin

Multi-currency loan facility and bonds fall due in their entirety at the stated due date. The loans 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. Two of the bonds with fixed interest rate have been swapped to floating interest rates 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 2018, Schibsted has undrawn credit facility amounting to NOK 2.8 billion.

Net interest-bearing debt was NOK 2.2 billion per 30.09.

Debt Maturity Profile

 

For more information, see Regulatory Releases