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MTG and Nent Group secure new credit facility

Swedish media company Modern Times Group and its subsidiary Nordic Entertainment Group (Nent Group) have jointly agreed a five-year revolving credit facility with a group of six Nordic banks.

The SEK4bn (€382.3m/$434.8m) facility replaces MTG’s existing facility of the same value, which matures in December, and will provide back-up funding for MTG’s SEK3bn commercial paper program and other short-term financing.

The facility 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.

Nent Group has embarked on a series of sports rights purchases since its formation was announced in June. In that week alone, Nent was awarded the exclusive rights to show live coverage of English Premier League football matches for the 2019-20 to 2021-22 seasons in Sweden, Denmark and Finland.

Nent also agreed a three-season extension, covering 2019, 2020 and 2021, to its rights deal in Sweden, Denmark and Norway for the Formula One motor-racing championship.

It secured the exclusive Nordic media rights to the International Handball Federation’s World Championship until 2025 and the European Handball Federation’s European Championship until 2026.

NENT Group also extended its rights to the EHF Champions League, European Handball League and the EHF Cup until 2023.