Modern Times Group (MTG) and the newly separated Nordic Entertainment Group (NENT Group) have jointly agreed a SEK 4 billion (€382 million) five-year revolving credit facility with a group of six Nordic banks.
The facility replaces MTG’s existing SEK 4 billion facility, which matures in December 2018, and will provide back-up funding for MTG’s SEK 3 billion commercial paper program and other short-term financing.
The credit will serve as an initial source of funding for NENT Group when the company is listed separately on Nasdaq Stockholm prior to the intended issue of new commercial paper and bonds.
Nordic entertainment provider NENT Group has operated as a separate organisation to MTG since Juy 1, following MTG’s decision earlier this year to split its business into two companies.
NENT Group is due to be listed separately to MTG on Nasdaq Stockholm during the second half of 2018.