AcadeMedia reported that it has signed a new loan agreement with DNB and SEB to refinance existing loans to an amount of SEK 1,650 million until the middle of 2025 with the possibility to extend until 2027. Annual amortization will decrease by SEK 34 million which will positively impact cash flow.
Following a tender process, AcadeMedia has entered into a new loan agreement with DNB and SEB that will come into effect beginning of July 2022. The terms of the new agreement are in short:
- The total loan amounts to approximately SEK 1 650 million, in several currencies, including SEK 700 million of revolving credit facility available for acquisitions or operational liquidity.
- The agreement runs until the middle of 2025 with the possibility to extend for another two years until 2027, subject to credit approvals.
- Annual amortization decreases to SEK 116 million (150).
- Covenant for net debt/adjusted EBITDA will decrease to 3.0 (3.75). The amount of debt has decreased significantly since the last loan agreement was signed, net debt/adjusted EBITDA was per March 31, 2022 0.9.
- Interest expenses are expected to remain unchanged at current interest levels, due to amortization of SEK 300 million at the start of the new agreement.
- There is an opportunity to take up additional debt under the new agreement following further credit approvals.
For more information, please contact:
Katarina Wilson, CFO
Telefon: +46 8 794 4291
E-post: [email protected]
AcadeMedia creates opportunities for people to develop. The 18,100 employees at our 680 preschools, compulsory schools, upper secondary schools and adult education centres share a common focus on quality and development. Our 188,000 children and students are provided with a high-quality education, giving them the best conditions to attain both learning objectives and their full potential as individuals. AcadeMedia is Northern Europe ́s largest education company, with locations/facilities/presence in Sweden, Norway and Germany. Our size gives us the capacity to be a robust, long term partner to the communities we serve. More information about AcadeMedia is available on www.academedia.se
Roy Frigo an avid economist and an expert on global politics and economic pressures that can affect market conditions. He has a Masters Degree in Economics from Westminster University with previous roles including Investment Banking.
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