Debt financing

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)

Bonds/FRNs4 149
Term loan2 000
Bilaterale loans202
 Total6 354

Further information on the respective debt categories is found below:

Bonds/Floating Rate Notes (FRN)

ISINAmount (million)Issue dateMaturityInterestSecurity noteReg. document
NO0010786866NOK 500Mar 2017Mar 20243M NIBOR + 120 bpsLinkLink
NO0010797541NOK 349*June 2017June 20233M NIBOR + 145 bpsLinkLink
NO0010797558NOK 300June 2017June 20232.825 %LinkLink
NO0010878960NOK 1000April 2020Oct 20233M NIBOR + 240 bpsLinkLink
NO0011157323NOK 1000Nov 2021Nov 20263M NIBOR + 78 bpsLinkLink
NO0012484486NOK 600Mar 2022Sept 20273M NIBOR + 120 bpsLinkLink
NO0012484494NOK 400Mar 2022Mar 20293,95 %LinkLink

* In December, Schibsted purchased NOK 251 million of its own bond (FRN) maturing in June 2023. Outstanding balance shown in the table.


Nordic Investment BankEUR 19.2June 2015June 20256M EURIBOR + margin
Term loanNOK 2 000May 2022May 2024NIBOR + margin

Credit facility

Revolving Credit FacilityEUR 30020212027Relevant 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