Sanoma to reduce debt with proceeds from Sanoma Media divestment

By Sarah Lizee

Olympia, Wash., April 20 – Sanoma Corp. plans to reduce its debt using proceeds from its €460 million divestment of Sanoma Media Netherlands, according to a press release.

At the end of December, the group’s net debt amounted to €795 million and net debt to adjusted EBITDA to 2.7x, being temporarily above the long-term target level of below 2.5x. Net debt to adjusted EBITDA will return to the target level after closing of the divestment.

The divestment was announced on Dec. 10 and was subject to customary closing conditions, including the approval of Dutch competition authorities, which was announced on April 10.

Sanoma is a diversified media group based in Helsinki, Finland.

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