Loans and credit facilities

Sanoma's credit facilities consist of bonds, syndicated revolving credit facility, committed bilateral facilities, commercial paper programmes in Finland and Belgium and syndicated term loan and revolving credit facility for SBS Broadcasting B.V.

Information about the credit facilities is updated quarterly.

Bonds

 Total
 facility
amount
(EUR million)

Outstanding
amount
31.12.2016

2017* 2018 2019 2020
Bond 2017
(Sanoma Corporation)
400 200 200      
Bond 2019
(Sanoma Corporation)
200 200 200 200 200  
Hybrid Bond **
(Sanoma Corporation)
0 0        

* amount available at the beginning of the year
**redeemed in December 2016
 

Bank  Facilities

Total
facility
amount
(EUR million)

Drawn
amount
31.12.2016
Undrawn
amount
31.12.2016
2017* 2018 2019 2020
Syndicated revolving
credit facility
(Sanoma Corporation)
500 0 500 500 500 500 500
Other committed facilities (Sanoma Corporation) 137.5 0 137.5 105 75    
Term loan
(SBS Broacasting B.V.)
60 42 0 42 30 18 6
Revolving credit facility
(SBS Broadcasting B.V.)
45 12 33 45 45 45 45

* committed amount available at the beginning of the year

 

Corporate bond 2017

On 13 March 2012, Sanoma Corporation issued its first ever corporate bond, a EUR 400 million five-year Senior Unsecured Eurobond, under investment grade documentation without any financial covenants. The bond pays a fixed coupon of 5.00% and had an issue price of 99.413, equivalent to a yield of 5.136%.

On 26 May 2016, Sanoma finalised a EUR 200 million tender offer of the bond. All Notes purchased by the company were cancelled, leaving EUR 200 million of the bond outstanding.

Corporate bond 2019

On 19 May 2016, Sanoma Corporation issued a EUR 200 million 3.5-year Senior Unsecured Bond. The bond pays a fixed coupon of 3.50% and had an issue price of 100.

Hybrid bond

On 12 December 2013, Sanoma Corporation issued a EUR 100 million hybrid bond, i.e. capital securities. The proceeds of the hybrid bond were used to pay down debt. The coupon rate of the bond is 7.25% per annum.

Sanoma exercised an early redemption option after three years, and redeemed the bond in full on 12 December 2016.

Syndicated revolving credit facility

Sanoma Corporation has a EUR 500 million syndicated revolving credit facility with a group of seven relationship banks. The facility was signed on 8 February 2016 and has a maturity of four years.

The margin on the facility depends on the leverage ratio of the borrower, the initial margin being 1.75% over Euribor.

The Mandated Lead Arrangers for the transaction are ING, Nordea, OP Corporate Bank, Danske Bank and Handelsbanken. SEB and Swedbank act as Lead Arrangers of the facility.

Other committed facilities

Sanoma Corporation has a total of EUR 137.5 million committed bilateral facilities, of which EUR 32.5 million matures in January 2017.

Syndicated Term Loan and Revolving Credit Facility for SBS Broadcasting B.V.

SBS Broadcasting B.V., which is 67% owned by Sanoma Corporation and 33% by Talpa Media, has a EUR 105 million syndicated facility with a group of five banks. The facility was signed on 21 April 2015 and it includes an EUR 60 million Term Loan and a EUR 45 million Revolving Credit Facility for working capital financing. The facilities have a maturity of five years and the Term Loan has an amortisation schedule. The facility is for general corporate purposes.

Mandated Lead Arrangers are ABNAmro, ING, Nordea, OP Corporate Bank and Handelsbanken.

Commercial paper programmes

EUR 800 million Finnish commercial paper programme

In Finland, Sanoma has a EUR 800 million commercial paper programme with eight co-operation banks.

The Arrangers for the programme are Nordea, Aktia, OP Corporate Bank, Bank of Åland, Danske Bank, SEB, Handelsbanken and Swedbank.

Neither Sanoma nor the notes have a credit rating. 

EUR 300 million Belgian commercial paper programme

In Belgium, Sanoma has EUR 300 million commercial paper programme, arranged by ING Belgium.

Neither Sanoma nor the notes have a credit rating.

 

Current account limits

Sanoma Corporation has EUR 51 million current account limits.