Loans and credit facilities

Sanoma's credit facilities consist of bond, 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
30.9.2016

2017* 2018 2019 2020
Bond 2017
(Sanoma Corporation)
400 200 200      
Bond 2019
(Sanoma Corporation)
200 200 200 200 200  
Hybrid Bond **
(Sanoma Corporation)
 100 100        

* amount available at the beginning of the year
** is treated as equity in IFRS
 

Bank  Facilities

Total
facility
amount
(EUR million)

Drawn
amount
30.9.2016
Undrawn
amount
30.9.2016
2017* 2018 2019 2020
Syndicated revolving
credit facility
(Sanoma Corporation)
500 40 460 500 500 500 500
Other committed facilities (Sanoma Corporation) 137.5 0 137.5 100 37.5    
Term loan
(SBS Broacasting B.V.)
60 48 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 5.000% 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 has an issue price of 100.00%.

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. The bond has no maturity but the company may exercise an early redemption option after three years.

Syndicated revolving credit facility

Sanoma Corporation has a EUR 500 million syndicated revolving credit facility with a group of 7 relationship banks. The facility was signed on 8 February 2016 and has a maturity of four years, with a 1 year extension option.

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, Pohjola 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.

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 5 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, Pohjola 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 Bank Finland Plc, Aktia Bank Plc, Pohjola Bank Plc, Bank of Åland Plc, Sampo Bank Plc, Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, Svenska Handelsbanken AB (publ), Finnish Branch and Swedbank AB Finnish Branch.

The issuer or the notes do not have credit rating. 

 

EUR 300 million Belgian commercial paper programme

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

The issuer or the notes do not have credit rating. 

 

Current account limits

Sanoma Corporation has EUR 51 million current account limits.