Betsson

Betsson nets €90m from new bond placement

Betsson AB has disclosed that it has successfully completed a transaction to issue a total of €90 million in unsecured bonds.

The transaction forms part of a new financial framework, entered by Betsson, that will allow the Stockholm-listed operator to issue up to €250 million in unsecured bonds over a three-year period. 

Terms of the framework see Betsson agree to an interest rate for the bonds that is set at 6.5% plus three months of the standard EU inter-bank rate (EURIBOR), a common interest rate standard.

Betsson’s board chose not to disclose what funds raised from the transaction would be used for.  In 2020, Betsson executed debt funding of SEK 500 million to help fund the firm’s reorganisation.

Martin Öhman, Group CFO of Betsson AB, noted: “I’m pleased to see the large interest for our new bond from a broad range of investors, including Nordic and international institutions.”

“This signals confidence in our business strategy, which continues to generate profitable growth and stable cash flows.”

Further to executing its latest bond notice, Betsson confirmed that it would issue a tender offer for holders of the company outstanding bonds totaling SEK 1 billion (€93m).

Ahead of the bond’s maturity date being initiated on 23 September, Bettson has proposed bondholders a 100.5% of the nominal value per bond as well as the accrued and unpaid interest.

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