Scout24 AG: Scout24 improves financial position through successful refinancing
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.
Scout24 operates leading digital classifieds platforms in Germany and other selected European countries. The main operations under the umbrella brand Scout24 are the digital marketplaces ImmobilienScout24 and AutoScout24. ImmobilienScout24 is the leading digital real estate classifieds platform in Germany, based on consumer traffic and time spent as well as customer numbers and listings. AutoScout24 is a leading automotive digital classifieds platform in Europe, in terms of unique monthly visitors and listings. Scout24's digital marketplaces are empowering people to realise their property and car-owning dreams simply, efficiently and stress-free. Further information is available at www.scout24.com.Investor Relations contact
Britta Schmidt Vice President Investor Relations & Treasury Tel.: +49 89 44456 3278 E-Mail: firstname.lastname@example.org
Marie Fabiunke Head of Corporate Communications & PR Tel.: +49 30 24301 1427 E-Mail: email@example.com
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Company: Scout24 AG Dingolfinger Str. 1 - 15 81673 Munich
Germany Phone: +49 89 44456 - 0 Fax: +49 89 44456 - 3000 E-mail: firstname.lastname@example.org Internet: www.scout24.com ISIN: DE000A12DM80 WKN: A12DM8 Indices: SDAX Listed: Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London End of News DGAP News Service