Updating the market Stockholm-listed European online gambling operator Betsson AB has confirmed that it has been approved an unsecured bond valued at SEK 1 billion (£86 million).
Betsson governance detailed that the bond has a three-year tenure, maturing as of November 2019. At the start of this week, Betsson updated the market declaring that it had issued a mandate to Nordic investment banks’ DNB Markets (Norway) and Swedbank (Sweden) ‘to arrange fixed income investor meetings starting 14 November 2016’.
The multi-market operator detailed that the bond was needed in order to facilitate its ongoing acquisition strategy, refinancing debt and general corporate purposes.
Securing its corporate investment Ulrik Bengtsson, CEO and President of Betsson AB detailed to investors;
“Betsson’s strong balance sheet and cash generation contributed to a large interest in the bond, which was oversubscribed by 48 percent. The proceeds of the bond gives us increased financial flexibility to act on acquisition opportunities”.
The securing of its three-year bond will see Betsson governance continue its international expansion strategy, in which the operator looks to grow its business and services in newly regulated European gambling markets.