GiG issues €75m bond ahead of big break-off

Gaming Innovation Group (GiG) has successfully issued €75m in senior secured bonds to increase capital funds available for its business.

The bond is made up of two tranches of €45m and SEK350m (€30m) and allows GiG to expand the bond’s total borrowing limit to “€100m equivalent, related to this issue.”

Proceeds from the bond will be used to fully repay an existing SEK500m (€45m) bond, including the call premium. Additional funds will be used for the partial financing of the KaFe Rocks acquisition and general corporate purposes.

An application will be made to list the new bond on Nasdaq Stockholm and Frankfurt Stock Exchange Open Market. ABG Sundal Collier and Pareto Securities managed the bond issuance process.

The transaction saw significant interest from investors across the Nordics, Europe, and the US, attracting both existing and new investors.

In Q3 trading, GiG announced an agreement to acquire the igaming media group KaFe Rocks for €35m, a deal that will expand its media network into 15 additional markets.

In its 2023 trading, GiG began reorganising its units in preparation to split into two separate businesses focused on platform solutions and media services.

As announced, GiG’s new standalone platform business will be led by former Bragg Gaming CEO and SBTech CEO, Richard Carter.

Jonas Warrer, a long-term executive at GiG, will oversee the firm’s expanded media services business as the acting CEO of GiG Media.