Net Gaming Europe AB (publ) (“Net Gaming” or “the Company”) issues a senior secured bond with the purpose of refinancing its existing senior bond and its convertible bond in part, as well as general corporate purposes, especially for future acquisitions.
Net Gaming Europe AB (publ) has issued a three-year senior secured bond in an initial amount of SEK 375 million, with the possibility to make subsequent issues of up to a total outstanding amount of SEK 1,000 million. The new bond will bear a floating rate coupon of Stibor 3m +7.25%, payable quarterly in arrears.
The refinancing will result in substantially lowered interest costs as well as an improved capital structure, which will provide the Company with an increased degree of financial flexibility that will support continuous acquisitive growth.
“We are very pleased with the great interest among Nordic investors for our new bond issue, a clear evidence that our content-driven business model is appreciated by investors. With attractive bond financing in place, we will now see substantially lowered interest costs and we avoid potential dilution from the convertible loan with redeeming 70 million. The use of proceeds from the issue will also allow us to continue our expansion plans with potential further acquisitions in order to develop Net Gaming towards being a market leader within iGaming lead generation”, says Marcus Teilman, CEO Net Gaming.
The purpose of the new bond is to refinance the Company's existing SEK 190 million senior bond with ISIN SE0008348221, and to prepay SEK 70 million of the Company's outstanding convertible bond with ISIN SE0009409139, to finance refinancing costs, as well as general corporate purposes, including future acquisition financing. The prepayment of the convertible bond is subject to approval by a majority of the holders of the convertible bond, where the Company already has obtained commitments to vote in favor of the proposal from holders representing 68% of the outstanding convertible bonds.
Net Gaming intends to apply for listing of the new bond loan on Nasdaq Stockholm within 30 days after the issue date.
ABG Sundal Collier has acted as financial advisor and sole bookrunner in the transaction. Roschier has acted as legal advisor in the transaction.
For further information please contact:
Marcus Teilman, President and CEO
+356 9936 7352
Net Gaming Europe AB (publ)
Telephone: +46 8 410 380 44
E-mail: [email protected]
This information is information that Net Gaming Europe AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014/EU), and when applicable, the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out below, at 8.00 CET on 8 September 2017.