Sanoma’s funding sources consist of acquisition-related bridge facility, syndicated term loans, 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
Sanoma Corporation signed a EUR 200 million syndicated term loan facility with a group of ten relationship banks on 2 December 2020. Maturity of the loan is three years, with a one year extension option. 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 partially 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.
Sanoma Corporation signed a EUR 480 million committed bridge loan facility with two relationship banks on 19 October 2020. On 2 December 2020, EUR 200 million of the bridge loan facility was converted into a EUR 200 million long-term syndicated term loan facility. EUR 200 million of the bridge loan was drawn for the funding of the acquisition of Santillana Spain on 31 December 2020, and the rest of the bridge loan facility (EUR 80 million) was cancelled. The drawn bridge loan will be converted into long term funding later during 2021.
Sanoma signed a EUR 550 million syndicated term loan and revolving credit facility with a group of nine relationship banks on 4 February 2019. The facility had two tranches, a EUR 250 million Term Loan Facility with four year maturity and annual repayments of EUR 50 million, and a EUR 300 million Revolving Credit Facility with five year maturity.
The term loan was used for the acquisition of Iddink, which was closed in September 2019. The revolving credit facility can be used for general corporate purposes.
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.
