Debt Financing

The Schibsted 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 loan of EUR 25 million from Eksportfinans at maturity in the end of January. No other material changes has been made to the main loan portfolio.

Schibsted has two long-term revolving credit facilities of totally EUR 425 million. As of 30 September none of these facilities were drawn. One of the facilities, the revolving credit facility of EUR 300 million, was extended by one year and the new maturity of the facility is now 14 July 2021. 

After the issue of B shares in September 2015, the liquidity reserve is significantly increased. Including cash and cash equivalents, the liquidity reserve at the end of Q3 2016 was NOK 5.2 billion

As of 30 September 2016, the Group’s financing structure is as follows:

Interest bearing debt (NOK million) 

Bonds/FRNs 1.800
Bilaterale loans 530
Multi-currency loans -
Short-term loans -
Other 32
 Total 2,362 

 Further information on the respective debt categories is found below*:

Bonds/Floating Rate Notes (FRN)

ISINAmount (million)Issue dateMaturityInterestSecurity noteReg. document
NO0010637176 NOK 500 Mar 2012 Mar 2017 3M NIBOR + 215 bps Link Link
NO0010637275 NOK 300 Mar 2012 Mar 2019 5,9 % Link Link
NO0010667843 NOK 250 Dec 2012 Dec 2022 5.40 % 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

Bilateral loans

CounterpartyAmount (million)Origination dateMaturityInterest
Nordic Investment Bank NOK 81 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. The two bonds in the loan portfolio have been swapped to floating interest rates at origination. For each percentage point change in the floating interest rate, Schibsted’s interest expenses will be adjusted by approximately NOK 24 million. 

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 2016, Schibsted has undrawn credit facilities amounting to NOK 3.8 billion.

Due to a substantial bank balance, the net effect of an interest rate change will be significantly lower. Net interest bearing debt was NOK 1 billion per 30.09. 

Debt Maturity Profile

Debt maturity profile