StepStone ASA announced today that it has entered into €40 million facilities agreement with Skandinaviska Enskilda Banken AB ("SEB").
The new facility provides for revolving loans and a term loan over a three year period. As part of the agreement SEB will also provide guarantee facilities to StepStone.
Utilisation of these facilities is dependent upon completion of conditions precedent which the company expects to satisfy shortly.
The loan agreement contains customary financial covenants and default provisions.
ABG Sundal & Collier has acted as the company´s advisor in this process.
According to Ian Cole, CFO of StepStone, "This is a major step forward for the company and cements a significant new relationship. StepStone has developed rapidly over the last 4 years into a profitable company with predictable cash flows. I am pleased SEB has recognised that progress and our potential and put in place these facilities, which are at very competitive rates. Having the resources of SEB behind StepStone will further broaden our options as we look to continue the growth in revenue and profits”.
Helge Dalen, Client Executive at SEB Merchant Banking, said "SEB is very pleased to be preferred as the provider of financing and financial services to StepStone. We are looking forward to evolve our relationship with the company and to support its strategy going forward, both regionally and internationally".
For information contact
Ian Cole, CFO
+44 7808 946404
Ian Clapp, Investor Relations Director
+44 7850 128094
About StepStone
StepStone was founded in Norway in 1996 and pioneered the development of online recruitment. Today, StepStone is a leading global provider of Total Talent Management Solutions providing a range of on-demand services that enable companies to manage the entire employee lifecycle, from initial attraction, through pre-hire online recruitment, on-boarding and post hire performance management including compensation management, skills and competency management and employee training and development. Covering 13 European countries, its portfolio of online properties allows recruiters to source candidates quickly and effectively through individually focused campaigns.
Thousands of organisations, including Aviva, Amey, Royal Bank of Scotland, AXA, British Airways, Xerox and Fiat use StepStone's products and services to help them recruit qualified staff globally. StepStone was the only European-headquartered vendor to be recognised as a ‘Leader’ by Gartner, Inc’s "Magic Quadrant for E-Recruitment Software, 2008” report and was awarded the highest rating in Gartner’s “MarketScope for Employee Performance Management Software, 2007”.
About SEB
SEB is a North European financial group serving some 400,000 corporate customers and institutions and five million private individuals. SEB offers universal banking services in Sweden, Germany and the Baltic countries - Estonia, Latvia and Lithuania. It also has local presence in the other Nordic countries, Poland, Ukraine and Russia and a global presence through its international network in another ten countries. On 31 March 2008, the Group's total assets amounted to SEK 2,399bn (EUR 251bn) while its assets under management totalled SEK 1,331bn (EUR 149bn). The Group has about 20,000 employees. Read more about SEB at www.sebgroup.com .