LeoVegas returns to bond market securing long-term growth options

LeoVegas AB has announced its intention to issue a new senior unsecured bond, carrying a minimum value of SEK 500 million (€50m) and maximum liquidity of SEK 1.2 billion (€117m).

Returning to market, LeoVegas’ board confirmed that it has appointed SEB and Swedbank to serve as joint bookrunners facilitating the transaction for institutional investors, who will be able to access terms and conditions of the unsecured bond from 30 November.

The bond has been issued in order to facilitate a LeoVegas expansion strategy, refinancing of existing debt and options for potential acquisitions’.

In conjunction with its latest bond transaction, LeoVegas has also entered into a new three-year revolving credit facility agreement for €40 million.

Updating investors, LeoVegas governance stated that its long-term corporate objectives remain unchanged, as the Stockholm-listed firm prioritises ‘organic growth that outperforms the online gaming market’.

Core trading objectives see LeoVegas target a long-term EBITDA margin of at least 15%, with 100% of revenues generated from regulated markets where gaming duties are paid. 

Furthermore, LeoVegas underlined its shareholder commitment ‘to pay a dividend, over time, of at least 50% of the profit after tax’. 

“We will strengthen the company’s financial flexibility and diversify our financing with the combination of a bond and new bank loans,” said Group CEO Gustaf Hagman.

“This enables us to continue to deliver on our expansion strategy where we focus on regulated markets and markets soon to become regulated. Further, we continuously evaluate strategic and complementary acquisitions that may fit into the LeoVegas Group.”

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