Scout24 uses proceeds from IPO for debt repayment
DGAP-News: Scout24 AG / Key word(s): Financing
2015-10-26 / 10:26
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Scout24 uses proceeds from IPO for debt repayment
- Debt repayment of 214 million Euro
- Interest savings over 9 million Euro per annum
- Rating agencies upgrade Scout24's credit rating
Berlin/Munich, October 26, 2015 - As announced during the IPO, Scout24 AG
("Scout24") used the net proceeds from the IPO to redeem part of its debt.
Scout24 is therefore improving both the costs of financing and its capital
structure.
So far this month, a total of 214 million Euros were used to repay
outstanding liabilities from a term loan facility. Thus, the net financial
liabilities, which amounted to around 950 million Euros on June 30, 2015,
were significantly reduced. As a result, the annual interest burden will be
approximately 9.1 million Euro lower.
"As planned, the successful IPO has enabled us to strengthen our financial
position considerably," says Christian Gisy, CFO at Scout24. "Our
previously communicated target for the ratio of net debt to ordinary
operating EBITDA is 4.00:1 by the end of this year. We have taken a major
step towards this."
The major rating agencies have already reacted positively to the debt
reduction and have upgraded the Company's credit rating accordingly.
Standard & Poor's placed its "B" rating on credit watch positive and
Moody's assigned a B1 rating with stable outlook on October 23, 2015.
***END***
About Scout24
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
Press contact
Marie Fabiunke
Head of Corporate Communications & PR
Tel.: +49 30 243 01 1427
Email: [email protected]
Investor Relations contact
Britta Schmidt
Vice President Investor Relations & Treasury
Tel.: +49 89 44456 3278
Email: [email protected]
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2015-10-26 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Scout24 AG
Dingolfinger Str. 1 - 15
81673 Munich
Germany
Phone: +49 89 44456 - 0
Fax: +49 89 44456 - 3000
E-mail: [email protected]
Internet: www.scout24.com
ISIN: DE000A12DM80
WKN: A12DM8
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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