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)
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|
|NO0010637275||NOK 300||Mar 2012||Mar 2019||5.9 %||Link||Link|
|NO0010667843||NOK 250||Dec 2012||Dec 2022||5.4 %||Link||Link|
|NO0010667850||NOK 150||Dec 2012||Dec 2022||3M NIBOR + 250 bps||Link||Link|
|NO0010710569||NOK 600||May 2014||May 2021||3M NIBOR + 110 bps||Link||Link|
|NO0010786866||NOK 500||Mar 2017||Mar 2024||3M NIBOR + 120 bps||Link||Link|
|NO0010797533||NOK 1000||June 2017||June 2020||3M NIBOR + 100 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|
|COUNTERPARTY||AMOUNT (MILLION)||ORIGINATION DATE||MATURITY||INTEREST|
|Nordic Investment Bank||NOK 27||Apr 2007||Apr 2019||6M NIBOR + margin|
|Nordic Investment Bank||EUR 50||June 2015||June 2025||6M EURIBOR + margin|
Multi-currency loan facility
|COUNTERPARTY||FACILITY AMOUNT (MILLION)||ORIGINATION DATE||MATURITY||INTEREST|
|Bank syndicate||EUR 300||Jul 2014||Jul 2021||Relevant 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