The group follows a strategy whereby undrawn long-term credit facilities will always be sufficient to cover any short-term commercial paper loans.
One of the Multi-currency loan facilities has been renewed with a 5 year facility of EUR 125 million in March 2013 and the group’s financing structure is after this as follows*:
|
Loan
|
Total facility
|
Due
|
|
Multi-currency loan facility
|
EUR 325 million
|
Aug 2015
|
|
Multi-currency loan facility
|
EUR 125 million
|
Mar 2018
|
| FRN |
NOK 300 million |
Dec 2013 |
| FRN |
NOK 400 million |
Dec 2015 |
| FRN |
NOK 500 million |
March 2017 |
| Bond |
NOK 300 million |
March 2019 |
| Bond |
NOK 250 million |
Dec 2022 |
| FRN |
NOK 150 million |
Dec 2022 |
|
Nordic Investment Bank
|
EUR 4 million
|
Jun 2014
|
|
Nordic Investment Bank
|
NOK 175 million
|
Apr 2019
|
| Eksportfinans |
EUR 25 million |
Jan 2014 |
| Eksportfinans |
EUR 25 million |
Jan 2016 |
*) 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. For each percentage point change in the floating interest rate, Schibsted’s interest expenses will be adjusted by approximately NOK 25 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 31 March 2013, Schibsted has undrawn credit facilities amounting to NOK 3.4 billion.
