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.

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)

Amount
(million)
Bonds/FRNs4 800
Term loan2 000
Bridge loan300
Bilaterale loans244
Other1
 Total7 345

Further information on the respective debt categories is found below:

Bonds/Floating Rate Notes (FRN)

ISINAmount (million)Issue dateMaturityInterestSecurity noteReg. document
NO0010667843NOK 250Dec 2012Dec 20225.4 %LinkLink
NO0010667850NOK 150Dec 2012Dec 20223M NIBOR + 250 bpsLinkLink
NO0010786866NOK 500Mar 2017Mar 20243M NIBOR + 120 bpsLinkLink
NO0010797541NOK 600June 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

Loans

COUNTERPARTYAMOUNT (MILLION)ORIGINATION DATEMATURITYINTEREST
Nordic Investment BankEUR 23.1June 2015June 20256M EURIBOR + margin
Bridge loanNOK 300Sept 2020Jan 2023NIBOR + margin
Term loanNOK 2 000May 2022May 2024NIBOR + margin

Credit facility

Facility typeFACILITY AMOUNT (MILLION)ORIGINATION DATEMATURITYINTEREST
Revolving Credit FacilityEUR 30020212027Relevant 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