19.07.2018
Scout24 AG DE000A12DM80
DGAP-News: Scout24 AG succeeds in early refinancing of syndicated bank loan fueling activities along its market network strategy
DGAP-News: Scout24 AG / Key word(s): Financing
Scout24 AG succeeds in early refinancing of syndicated bank loan fueling
activities along its market network strategy
19.07.2018 / 09:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Scout24 AG succeeds in early refinancing of syndicated bank loan fueling
activities along its market network strategy
* Comprehensive financing package with a volume of EUR 1.0 billion
* Further improvement of interest conditions with expected annual savings
of 2.4 million euros post recent acquisition
* EUR 630 million of undrawn debt for acquisition purposes
Berlin / Munich, 19 July 2018 - Scout24 AG ("Scout24" or "the Group"), a
leading operator of digital marketplaces, specialising in the real estate
and automotive sectors in Germany and other selected European countries, has
refinanced and restructured the existing EUR 370 million syndicated credit
facilities, enabling the financing of the recent acquisition of FFG
FINANZCHECK Finanzportale GmbH as well as future M&A plans. Scout24 AG has
concluded a comprehensive syndicated financing package with a total volume
of EUR 1.0 billion and a maximum term of five years with nine renowned
European banks led by ABN Amro Bank N.V. and UniCredit Bank AG as joint
coordinators and bookrunners and UniCredit Bank AG acting as Facility Agent.
In particular, the financing package consists of a term loan of EUR 300
million, a revolving credit facility of EUR 200 million, which is currently
drawn in the amount of EUR 70 million, and a revolving credit facility of
500 million euros for acquisition purposes. The new credit agreement has
considerably improved interest conditions, which will be reflected in
expected annual savings of EUR 2.4 million after the financing of
FINAZCHECK.de. The maturity of the individual financing facilities is five
years or, in the case of the acquisition credit facility, three years with
two one-year extension options.
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 new credit agreement coming into effect, Scout24 will have
a starting interest rate of 1.15% for the term loan and 0.85% and 0.80% for
the revolving credit facilities respectively on the basis of a leverage
ratio of 2.2:1 at the end of Q1 2018.
Scout24 AG has once again succeeded in significantly improving its financing
conditions, reflecting the very good business development of recent years.
The costs of refinancing in the 2018 financial year will have a one-off
impact of EUR 4.1 million.
"This new loan is another great success in optimising and expanding our
financing structure. Especially against the background of the recent
acquisition, the early refinancing reflects our economic performance and
strength. We have already impressively demonstrated that we can manage
shareholder profit participation and debt reduction at the same time and we
will perform accordingly in the future," said Christian Gisy, CFO of Scout24
AG.
Noerr LLP advised Scout24 on the refinancing from a legal perspective.
About Scout24
With our leading digital marketplaces ImmobilienScout24 in Germany and
AutoScout24 across Europe we are inspiring people to make their best
decisions on finding a home and a car. Additional services, such as credit
information, the brokerage of relocation services or construction and car
financing, are bundled in the Scout24 Consumer Services business division.
More than 1,200 employees are working on the success of our products and
services, putting the consumers' needs first in order to create a connected
network for living and mobility. Scout24 is listed on the Frankfurt Stock
Exchange (ISIN: DE000A12DM80, G24). For further information, please visit
www.scout24.com, our Corporate Blog and Tech Blog, or follow us on Twitter
and LinkedIn.
Investor Relations
Britta Schmidt
Vice President Investor Relations & Controlling
Fon: +49 89 44456 3278
Email: [email protected]
Media Relations
Jan Flaskamp
Vice President Communications & Marketing
Fon: +49 30 24301 0721
Email: [email protected]
Disclaimer:
All information contained in this document has been carefully prepared.
However, no reliance may be placed for any purposes whatsoever on the
information contained in this document or on its completeness. No
representation or warranty, express or implied, is given by or on behalf of
the Company or any of its directors, officers or employees or any other
person as to the accuracy or completeness of the information or opinions
contained in this document and no liability whatsoever is accepted by the
Company or any of its directors, officers or employees nor any other person
for any loss howsoever arising, directly or indirectly, from any use of such
information or opinions or otherwise arising in connection therewith.
The information contained in this release is subject to amendment, revision
and updating. Certain statements, beliefs and opinions in this document are
forward-looking, which reflect the Company's or, as appropriate, senior
management's current expectations and projections about future events. By
their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking
statements. These risks, uncertainties and assumptions could adversely
affect the outcome and financial effects of the plans and events described
herein. Statements contained in this document regarding past trends or
activities should not be taken as a representation that such trends or
activities will continue in the future. The Company does not undertake any
obligation to update or revise any information contained in this press
release (including forward-looking statements), whether as a result of new
information, future events or otherwise. You should not place undue reliance
on forward-looking statements, which speak only as of the date of this
document.
Scout24 also uses alternative performance measures, not defined by IFRS, to
describe the Scout24 Group's results of operations. These should not be
viewed in isolation but treated as supplementary information. The special
items used to calculate some alternative performance measures arise from the
integration of acquired businesses, restructuring measures, impairments,
gains or losses resulting from divestitures and sales of shareholdings, and
other material expenses and income that generally do not arise in
conjunction with Scout24's ordinary business activities. Alternative
performance measures used by Scout24 are defined in the "Glossary" section
of Scout24's Annual Report 2017 which is available at
www.scout24.com/financial-reports.
Due to rounding, numbers presented throughout this statement may not add up
precisely to the totals indicated, and percentages may not precisely reflect
the absolute figures for the same reason.
---------------------------------------------------------------------------
19.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Scout24 AG
Bothestr. 11-15
81675 Munich
Germany
Phone: +49 89 44456 - 0
Fax: +49 89 44456 - 3000
E-mail: [email protected]
Internet: www.scout24.com
ISIN: DE000A12DM80
WKN: A12DM8
Indices: MDAX
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
---------------------------------------------------------------------------
706141 19.07.2018
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Scout24 AG ISIN: DE000A12DM80 können Sie bei EQS abrufen
Internet-Services , A12DM8 , G24 , XETR:G24