The governance of Stockholm-listed Gaming Innovation Group (GiG) has confirmed that it has secured the right to float a new SEK 400 million (€40m) bond placement with interest repayments due for 2022.
Issuing a corporate filing, GiG governance details that it will begin trading its new bond arrangement on the Stockholm Nasdaq Exchange on 27 December 2019.
GiG’s transaction has been approved Finansinspektionen, Sweden’s financial conduct authority, with corporate governance further publishing a prospectus on the bond’s terms and conditions and further transactional arrangements.
In its summary, GiG governance states that net proceeds from its new bond issue will be utilised to repay prevailing bonds and their attached premiums.
Furthermore, the transaction will see GiG repay (in full or in part) the majority of its working capital credit facilities.
Any surplus of net proceeds will be utilised by the Stockholm enterprise to fund general corporate purposes including potential acquisitions.
Group Innovation Group Inc, alongside subsidiaries’ Zecure Gaming, Innovations Labs, iGamingCloud and MT SecureTrade will service the bond placement as guarantors.