Schibsted active with paydowns, refinancing and new bonds

By William Gullotti

Buffalo, N.Y., July 15 – Schibsted ASA flexed its Scope rating of BBB via several transactions in the first half of 2022, according to an investor relations update.

In April, the company paid down the outstanding amount of its bridge loan to NOK 2.3 billion from NOK 2.8 billion. On May 3, it signed a new 2+1 year term loan agreement for NOK 2 billion to repay the majority of the remaining balance, extending the maturity of the last NOK 300 million for an additional six months.

Schibsted also extended the maturity of its undrawn €300 million revolver to July 2027, preserving the facility’s one-year extension option in the process.

On July 1, the company applied to list three series of notes on the Oslo Bors Exchange, one issued in Nov. 2021 and two issued in March 2022, totaling NOK 2 billion.

The 2021-issued series (ISIN: NO0011157323) was for NOK 1 billion of unsecured open bonds that mature Nov. 25, 2026 with interest set at Nibor plus 78 basis points. Up to an additional NOK 500 million may be issued in the future.

The first issue from March (ISIN: NO0012484494) was NOK 400 million of 3.95% unsecured open bonds maturing March 28, 2029.

The second (ISIN: NO0012484486) was for NOK 600 million of unsecured open bonds, maturing Sept. 30, 2027, with interest at Nibor plus 120 bps.

Each March-issued series has the potential for add-ons totaling NOK 900 million.

Each series is non-callable with a change of control put at par.

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