Barely had the ink dried on news of Storytel’s impressive Q3 results than Jonas Tellander is announcing the company has entered into a new loan agreement with Swedbank in preparation for further expansion of the Storytel service.
From the press release:
Storytel AB has today entered into a new loan agreement with Swedbank. The refinancing means that Storytel extends its existing long-term loans to a total of SEK 500 million and removes the annual repayment of currently approximately SEK 30 million. The refinancing strengthens Storytel’s financial position and creates a robust base for continued aggressive investments in the digitalization of the book market and to continue the Company’s strategic expansion journey.
The total credit facility amounts to SEK 500 million ($50 million) and for a three-year period, the loans will not be subject to repayment. The loans are due for payment after the contract period.
Further coverage of the Q3 results: