Debt Financing

Schibsted Media Group's most important sources of debt financing are bonds and flexible multi-currency loan facility, as well as long-term loans. 

Schibsted ASA has a well-diversified loan portfolio with loans from both the Norwegian bond market and the Nordic Investment Bank. In addition, Schibsted has a long-term revolving credit facility of EUR 300 million. As of 30 September this facility was not drawn. There are no changes to the loan portfolio during third quarter.  

As of 30 September 2018, the Group’s financing structure is as follows:

Interest bearing debt (NOK million) 

Bonds/FRNs 3 700
Bilaterale loans 500
Multi-currency loans -
Other 13
 Total 4 213

 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 27 Apr 2007 Apr 2019 6M NIBOR + margin
Nordic Investment Bank EUR 50 June 2015 June 2025

6M EURIBOR + margin

Multi-currency loan facility

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

Multi-currency loan facility 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 2018, Schibsted has undrawn credit facility amounting to NOK 2.8 billion.

Net interest bearing debt was NOK 2.2 billion per 30.09. 

Maturity Profile 30.09.18