Schibsted’s most important sources of debt financing are bonds and loans, as well as a flexible revolving credit facility.
In April Schibsted extended NOK 1.8 billion, of a total term loan of NOK 2 billion, by one year to 3 May 2025.
In May, Schibsted issued two new bonds; a 5 year term floating rate note of NOK 500 million and a 7 year term fixed interest rate bond of NOK 500 million. In June, two bonds totalling NOK 900 million expired. During Q1 and in connection with the bond issues in May, Schibsted has purchased parts of its own bonds expiring in June and October this year and the net outstanding amount of the bonds that expired in June were repaid at maturity. Including bond buybacks, the net amount due of the bond expiring in October is NOK 450 million.
Schibsted has a revolving credit facility of EUR 300 million. The facility has in June been extended by one year and the final maturity of the facility is in July 2028. The facility is not drawn and secures a strong liquidity buffer going forward. Scope Ratings restated its BBB/Stable rating of Schibsted in June which confirms Schibsted as a solid Investment Grade company.
As of 30 June 2023, 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|
|NO0010786866||NOK 500||Mar 2017||Mar 2024||3M NIBOR + 120 bps||Link||Link|
|NO0010878960||NOK 450 *||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|
|NO0012911306||NOK 500||May 2023||May 2028||3M NIBOR + 145 bps||Link||Link|
|NO0012911231||NOK 500||May 2023||May 2030||4.85 %||Link||Link|
* including bond buybacks
|COUNTERPARTY||AMOUNT (MILLION)||ORIGINATION DATE||MATURITY||INTEREST|
|Nordic Investment Bank||EUR 15.4||June 2015||June 2025||6M EURIBOR + margin|
|Term loan||NOK 2 000||May 2022||May 2025 *||NIBOR + margin|
* NOK 1.8 billion of the term loan has been extended to May 2025
|Facility type||FACILITY AMOUNT (MILLION)||ORIGINATION DATE||MATURITY||INTEREST|
|Revolving Credit Facility||EUR 300||July 2021||July 2028||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. 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 30 June 2023, Schibsted has undrawn credit facility amounting to NOK 3.5 billion.
Debt Maturity Profile
For more information, see Regulatory Releases