Debt Financing

Schibsted Media Group's most important sources of debt financing are flexible multi-currency loan facilities and bonds. The Group also has long-term loans from Nordic Investment Bank. 

Schibsted ASA repaid a bond of NOK 500 million in March. The loan was replaced by a new 7-year bond of NOK 500 million. To finance the acquisition of the Telenor deal, Schibsted ASA issued three new bonds in the domestic bond market in June, a 3 year FRN of NOK 1 billion, a 6 year FRN of 600 million and a 6-year bond with fixed interest of NOK 300 million. 

Schibsted has two long-term revolving credit facilities of totally EUR 425 million. As of 30 September the revolving credit facility of EUR 300 million has been drawn by NOK 1.0 billion. In addition, a new bridge facility of NOK 600 million has been established. After exercising the last extension option, the final maturity of the EUR 300 million revolving credit facility is July 2021.

As of 30 September 2017, the Group’s financing structure is as follows:

Interest bearing debt (NOK million) 

Bonds/FRNs 3 700
Bilaterale loans 525
Multi-currency loans 1 000
Bridge Facility 600
Short-term loans -
Other 5
 Total 5 830

 Further information on the respective debt categories is found below:

Bonds/Floating Rate Notes (FRN)

ISINAmount (million)Issue dateMaturityInterestSecurity noteReg. 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

Bilateral loans

CounterpartyAmount (million)Origination dateMaturityInterest
Nordic Investment Bank NOK 54 Apr 2007 Apr 2019 6M NIBOR + margin
Nordic Investment Bank EUR 50 June 2015 June 2025

6M EURIBOR + margin

Multi-currency loan facilities

CounterpartyFacility amount (million)Origination dateMaturityInterest
Bank syndicate EUR 125 Mar 2013 Mar 2018 Relevant IBOR + margin
Bank syndicate EUR 300 Jul 2014  Jul 2021 Relevant IBOR + margin

Multi-currency loan facilities 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 2017, Schibsted has undrawn credit facilities amounting to NOK 3.0 billion.

Net interest bearing debt was NOK 5.0 billion per 30.09. 

Debt Maturity Profile

Debt Maturity Profile