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 and Eksportfinans. 

In June, Schibsted ASA entered into a new long term loan agreement of EUR 50 million with the Nordic Investment Bank. The loan will be repaid by semi-annual installments from 2019 and the final maturity is in June 2025. In December a bond of NOK 400 million was repaid at maturity.

Schibsted has two long term revolving credit facilities of totally EUR 425 million. 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 15 July 2020. There is still one more extension option with possibility of extending the facility to 15 July 2021. As of 31st December none of these facilities were drawn.

After the issue of B shares the liquidity reserve is much higher than before. Including cash and cash equivalents, the liquidity reserve at the end of Q4 2015 was NOK 6.0 billion.

As of 31 December 2015 the Group’s financing structure is as follows:

Interest bearing debt (NOK million) 

Bonds/FRNs 1.800
Bilaterale loans 816
Multi-currency loans -
Other 67
Total 2,683
   

 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 94 Apr 2007 Apr 2019 6M NIBOR + margin
Eksportfinans EUR 25 Jan 2011 Jan 2016 3M EURIBOR + margin
Nordic Investment Bank EUR 50 June 2015 June 2025

6M EURIBOR + margin

Multi-currency loan facilities

CounterpartyFacility amount (million)Origination dateTerminationInterest
Bank syndicate EUR 125 Mar 2013 Mar 2018 Relevant IBOR + margin
Bank syndicate EUR 300 Jul 2014  Jul 2020 Relevant IBOR + margin

Multi-currency loan facilities, bonds and loans from Eksportfinans 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 27 million. Due to a substantial bank balance, the net effect of an interest rate change will be significantly lower.

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 31 December 2015, Schibsted has undrawn credit facilities amounting to NOK 4.1 billion.

Net interest bearing debt was NOK 0.8 billion per 31.12.15 

Debt maturity Profile