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.
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 April, Schibsted partly repaid the bridge loan from NOK 2.8 billion to NOK 2.3 billion. In May, Schibsted signed a new 2+1 year term loan agreement of NOK 2 billion with the core bank group. The new loan has been used to repay most of the bridge loan and the remaining balance of the bridge loan is now NOK 300 million. The bridge loan is extended by 6 months. The consent from our banks for a temporary waiver of our financial covenant still stands until the bridge loan is fully repaid. There is still a 6-months extension option left giving a final maturity in July 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 30 September 2022, Schibsted’s financing structure is as follows:
Interest-bearing debt (NOK million)
|Term loan||2 000|
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|
|NO0010667843||NOK 250||Dec 2012||Dec 2022||5.4 %||Link||Link|
|NO0010667850||NOK 150||Dec 2012||Dec 2022||3M NIBOR + 250 bps||Link||Link|
|NO0010786866||NOK 500||Mar 2017||Mar 2024||3M NIBOR + 120 bps||Link||Link|
|NO0010797541||NOK 600||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|
|COUNTERPARTY||AMOUNT (MILLION)||ORIGINATION DATE||MATURITY||INTEREST|
|Nordic Investment Bank||EUR 23.1||June 2015||June 2025||6M EURIBOR + margin|
|Bridge loan||NOK 300||Sept 2020||Jan 2023||NIBOR + margin|
|Term loan||NOK 2 000||May 2022||May 2024||NIBOR + margin|
|Facility type||FACILITY AMOUNT (MILLION)||ORIGINATION DATE||MATURITY||INTEREST|
|Revolving Credit Facility||EUR 300||2021||2027||Relevant IBOR + margin|
Revolving credit facility, bridge loan, term loan 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 2022, Schibsted has undrawn credit facility amounting to NOK 3.2 billion.
Debt Maturity Profile
For more information, see Regulatory Releases