DGAP-News
Scout24 AG: Scout24 improves financial position through successful refinancing
DGAP-News: Scout24 AG / Key word(s): Financing Scout24 improves financial position through successful refinancing |
- Financing volume of EUR 800 million
- Annual interest savings of at least EUR 12 million
- Higher flexibility and thus excellently positioned for further growth
Berlin / Munich, 18 January 2017 - Scout24 AG ("Scout24" or "the Group"), the leading operator of digital marketplaces specializing in the real estate and automotive sectors in Germany and
other selected European countries, has concluded a new syndicated loan with eleven renowned European banks under the leadership of UniCredit Bank AG totaling up to EUR 800 million and maturing in
December 2021.
The existing syndicated loan with a residual debt of EUR 680 million is therefore fully repaid.
The new credit agreement comprises a term loan of EUR 600 million and a revolving credit facility of EUR 200 million. As a result of the positive business development of Scout24 in the recent years, the new facility agreement has been concluded at considerably improved terms. The loan is unsecured, with the interest margin being linked to the leverage ratio (ratio of net debt to ordinary operating EBITDA over the last twelve months). With the current leverage ratio (2.9:1 as of 30 September 2016:), the initial interest margin is at 1.7%. Before the refinancing, the interest margin was at 3.5%. This improvement of the interest rates will result in interest savings of around EUR 12 million already in the financial year 2017.
"The new financing package reflects the strong business development and strong financial trajectory of Scout24 that have resulted from the excellent work we have done over the recent years. It gives us even more flexibility in shaping our future and further strengthening our market position. We will continue to push ahead with debt reduction so that we can quickly reach our target for the leverage ratio of 2.5:1, which we have set ourselves for the ability to pay dividends," said Christian Gisy, CFO of Scout24 AG.