The group follows a strategy whereby undrawn long-term credit facilities will always be sufficient to cover short-term commercial paper loans.
Refinancing of the group’s multi-currency loan facilities was undertaken in August 2010. Two bonds where issued in December 2010 and two bonds were issued in February 2012. Loans from Eksportfinans was taken in January 2011. After this, the group’s financing structure is as follows*:
|
Loan
|
Total facility
|
Due
|
|
Multi-currency loan facility
|
EUR 175 million
|
Aug 2013
|
|
Multi-currency loan facility
|
EUR 325 million
|
Aug 2015
|
| Bond |
NOK 300 million |
Dec 2013 |
| Bond |
NOK 400 million |
Dec 2015 |
| Bond |
NOK 500 million |
March 2017 |
| Bond |
NOK 300 million |
March 2019 |
|
Nordic Investment Bank
|
EUR 7 million
|
Jun 2014
|
|
Nordic Investment Bank
|
NOK 202 million
|
Apr 2019
|
| Eksportfinans |
EUR 25 million |
Jan 2014 |
| Eksportfinans |
EUR 25 million |
Jan 2016 |
| Commercial paper loan |
NOK 200 million |
May 2012 |
*) Multi-currency loan facilities, bonds, loans from Eksportfinans and commercial paper loans 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 27 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 2012, Schibsted has undrawn credit facilities amounting to NOK 3.4 billion.
