Prisa sells Santillana for 465 million and refinances its debt until 2025

The

of

has approved the terms for the refinancing of its debt, which extends its maturity until 2025, the publishing company has announced in a statement.

At the same time, it has agreed to sell its educational publishing house

to the Finnish

for an asset value of 465 million euros.

The debt refinancing agreement involves extending its maturity until March 2025, with an initial cost of 5.5% and an average total cost of 7% during the life of the contract.

It contemplates the amortization of

(with which the total net debt will be cut by more than 30%) and establishes the framework for a future effective separation of the

and

.

With this refinancing, the company will have around € 275 million to strengthen its liquidity and facilitate the development of its business strategic plans.

The price for the sale of

has been established on a company value of

, which represents a multiple of 9.6 times the average ebitda of the educational cycle for the 2017/2019 period, above the multiples of the main comparable transactions in the sector.

The price will be paid in full in cash on the closing date of the operation, after discounting the net debt as of June 30, 2020 of the business object of the transaction, estimated at 53 million euros.

The sale will generate a consolidated capital gain estimated at 385 million euros.

Following the sale of the

, which represents 21% of

business

, the latter will focus its efforts on promoting learning systems in

.

According to the criteria of The Trust Project

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