Sanoma Corporation, Press Release, 18 October 2023 at 11:00 EET
Sanoma has signed a new EUR 100 million term loan to repay the EUR 200 million bond in March 2024
Sanoma Corporation has signed a bilateral 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.
In addition, the maturity of Sanoma’s EUR 300 million syndicated Revolving Credit Facility (RCF) has been extended by one year to November 2026. The RCF is provided by a group of ten relationship banks and is currently fully unused.
“In the current interest rate environment, we consider the combination of the new term loan with OP and the use of our current funding facilities as the most flexible option to refinance the bond. We had a wide variety of options for this refinancing, thanks to the solid support to Sanoma’s continuing K12 learning services strategy from our core relationship banks,” says Alex Green, CFO of Sanoma Corporation.
Additional information
Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601
Sanoma
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive ‘brainprint’ on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business.
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate in twelve European countries and employ more than 5,000 professionals. In 2022, our net sales amounted to approx. 1.3bn€ and our operational EBIT margin excl. PPA was 14.6%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at sanoma.com.
