Storytel to refinance loan with Swedbank and reduce rate of amortisation on existing credits
Storytel entered a new loan agreement with Swedbank today which involves the granting of a further 200 MSEK, of which 100 MSEK may be put to use immediately, while the other half may be used conditionally, although at latest December 31st, 2019. The amortisation of each tranche will amount to 10 MSEK per annum respectively, with interest rates at current levels or slightly lower. This new financing agreement will allow Storytel to reduce its rate of amortisation on existing credits from approximately 42 MSEK to 20 SEK per annum. As of March 31st, 2018, existing credits totalled 163 MSEK. An additional overdraft facility of 75 MSEK will remain intact. The overdraft facility is currently is not used.
Refinancing its loans is part of the Storytel’s long-term financial strategy, and will be used to supporting the company’s ongoing expansion.
For more information, please contact:
Jonas Tellander, CEO and Founder, Storytel
cell: +46 (0)70-261 61 36 mail: firstname.lastname@example.org
This information is such information that Storytel AB (publ) is obliged to make public in accordance with EU:s market regulation (marknadsmissbruksförordning). The information was made public by above contact person on June 7 2018 kl. 15.15 CET.
The Storytel Group consists of two divisions, Streaming and Print Publishing. The Streaming business area offers subscriptions for audio books and eBooks under the Storytel and Mofibo brands, currently in Sweden, Norway, Denmark, Finland, Iceland, The Netherlands, Poland, Russia, Spain, India, the UAE and Turkey. It also includes audio book publishing which is mainly under the imprint Storyside. The audio book publishing business also includes brands such as Storytel Originals, Storytel Dox and Storytel Brief. The Print Publishing business area is carried out through the Swedish publishing houses Norstedts, Storytel Publishing, and the Danish publisher People's Press and includes the children’s literature and young adult brands Rabén & Sjögren and B.Wahlströms as well as Norstedts Kartor.