Scout24 rolls debt over at much-reduced rate

23 Jan 2017

The already solid financial position of Scout24 Group was strengthened further when it rolled over its debt to December 2021 at a much-reduced interest rate.

The listed Scout24 Group negotiated a new, syndicated loan of €800 million ($858.6 million U.S.) with eleven European banks under the leadership of UniCredit Bank, and repaid the existing syndicated loan of €680 million in full, the company said (here in a news release).

The new credit agreement comprises a term loan of €600 million and a revolving credit facility of €200 million. The terms are much better than before: the loan is unsecured, and the interest margin was linked to the leverage ratio (ratio of net debt to ordinary operating EBITDA over the last twelve months).

At Sept. 30, the leverage ratio was 2.9:1, which translates into an initial interest margin of 1.7 percent. The interest margin of the “old” loan was 3.5 percent.

This will result in interest savings of around €12 million in FY2017, said Christian Gisy, chief financial officer of Scout24 Group.

“The new financing package reflects the strong business development and strong financial trajectory of Scout24. It gives us even more flexibility to shape our future and further strengthen our market position. We will continue to push ahead with debt reduction, so that we can quickly reach our target leverage ratio of 2.5:1,” said Gisy.


Christo Volschenk

Christo Volschenk is managing editor of the news on and our senior analyst covering Naspers. He brings more than 31 years of experience in business journalism to the team - the last 18 years focused on classifieds and e-commerce. Apart from working closely with the AIM Group, Christo is a freelance journalist, content manager, and copy editor. Before branching out on his own, he spent 15 years with Naspers in South Africa as journalist, economics editor and online project manager. He now spends most his day editing the news reported by 23 colleagues in 23 countries from his base in Stuttgart, Germany.