GiG secures €45m bond placement to drive media growth 

Finansinspektionen, Sweden’s Financial Supervisory Authority, has approved the prospectus of Gaming Innovation Group (GiG) to list SEK 450 million (€45m) of senior corporate bonds on the Stockholm Nasdaq on 8 December.     

Last May, GiG governance disclosed that it would pursue issuing a three-year SEK 450 million senior-secured bond placement with a maximum borrowing capacity of SEK 550 million (€55m).

GiG secured its senior bond placement terms on 11 June, priced at a 3-month floating rate of STIBOR (Stockholm’s Interbank charge) of 8.5% per year, with the bond’s maturity dates commencing in June 2024.

The prospectus outlined that the bond placement will be guaranteed by GiG Plc and its subsidiaries of Innovation Labs Limited, iGamingCloud Limited, MT Securetrade Limited, GiG Central Services Limited, Rebel Penguin Aps and iGaming Cloud NV.

Ahead of the 8 December listing, GiG has filed an application for its former Frankfurt Börse debts to be transferred to the Stockholm Nasdaq.

“In addition to a solid operating cash flow, external funding is facilitating acquisitions of affiliate markets, paying off existing working capital facilities and for general corporate purposes,” the prospectus outlined.  

Q3 trading saw GiG disclose that its Media Services unit had achieved its most successful quarter generating peak revenues of €11.5 million and an EBITDA of €5 million.  

Media growth helped GiG offset the stagnant performance of its platform unit, which continues to be restructured as a sole B2B technology provider. 

GiG will support its bond placement with a new financial operating strategy in which the company will prioritise a “conservative approach to amortisation on acquired affiliates and capitalised expenses” and “reduce non-marketing related OPEX to achieve bottom-line earnings”.

Check Also

GiG achieves peak media performance ahead of Sportnco revitalisation

Gaming Innovation Group (GiG) has outlined its confidence in achieving its full-year 2022 commercial and …

Zecure Gaming refreshes to become Betsson’s new challenger brand  

The brand and website has been refreshed under the domain of Betsson AB subsidiary …

GiG scores new Betway Portugal deal led by Sportnco solutions

Gaming Innovation Group (GiG) has announced that its newly integrated Sportnco subsidiary has secured a …