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Sanoma’s funding sources consist of syndicated term loans, a bond, revolving credit facility and commercial paper programmes in Finland and Belgium. The committed revolving credit facility of EUR 300 million serves as a back-up if commercial paper funding would not be available.
Information on credit facilities is updated quarterly or whenever there are significant changes in the debt portfolio.
Sirpa Louhevirta
Group Treasurer
sirpa.louhevirta@sanoma.com
tel. +358 105 1999
On 7 November 2022 Sanoma Corporation signed a EUR 300 million syndicated revolving credit facility with a group of ten banks. The facility has a maturity of three years with two extension options of one year each. The facility replaced fully the earlier revolving credit facility that was signed in 2019. Banks have approved first extension option in October 2023 and new maturity date of the facility is 7 November 2026. Second extension option for one year remains available.
On 12 October 2023 Sanoma Corporation signed a EUR 100 million term loan facility agreement with OP Corporate Bank. Maturity of the new term loan is twelve months from the drawdown plus an extension option of ten months at the discretion of Sanoma. Sanoma will withdraw the loan in March 2024 and use the funds, together with its other existing funding facilities to repay the EUR 200 million bond, expiring on 18 March 2024.
On 7 June 2022 Sanoma Corporation signed a EUR 250 million syndicated term loan with a group of three banks. The term loan was syndicated to wider bank group in November 2022, after which it had ten lenders in total. The maturity of the term loan is four years with one instalment of EUR 50 million in September 2025. The remaining facility expires in August 2026. The term loan was used to finance the acquisition of Pearson Italy and Germany (signing on 7 June 2022 and closing on 31 August 2022) and to prepay the remaining part of EUR 100 million of the earlier term loan that was utilised in 2019 for the acquisition of Iddink.
Sanoma Corporation signed a EUR 200 million syndicated term loan facility with a group of ten relationship banks on 2 December 2020. It has a final maturity in December 2024. The term loan will be repaid in annual instalments of EUR 25 million starting from Q4 2022, with a final repayment at maturity.
The term loan was used to finance the acquisition of Santillana Spain, which was closed on 31 December 2020. With the term loan, Sanoma converted part of the acquisition-related EUR 480 million bridge loan facility into long-term financing.
On 11 March 2021, Sanoma announced that it will issue a senior unsecured bond of EUR 200 million. The 3-year bond matures on 18 March 2024. It carries a fixed annual interest of 0.625 per cent and has an issue price of 99.625 per cent. The offering was allocated to approx. 65 investors.
The bond (ISIN: FI4000490602) was listed on (trading code: SAA1V062524) on Nasdaq Helsinki on 24 March 2021.
The net proceeds from the issuance of the bond were used to repay a EUR 200 million bridge loan drawn in connection with the acquisition of Santillana Spain.
In Finland, Sanoma has an EUR 800 million commercial paper programme with eight co-operation banks. The arrangers for the programme are Nordea Bank AB, Aktia Bank Plc, OP Corporate Bank Plc, Bank of Åland Plc, Danske Bank Plc, Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, Svenska Handelsbanken AB (publ), Finnish Branch and Swedbank AB Finnish Branch. Neither Sanoma nor the notes have a credit rating.
In Belgium, Sanoma has a EUR 300 million commercial paper programme, arranged by ING Belgium SA/NV. Neither Sanoma nor the notes have a credit rating.
