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Cherry Group Issues Bond For Euro 50 million
Tuesday July 5,2016 : GAMBLING GROUP ISSUES SECURED BOND
Cherry decides to issue a four-year senior secured bond in the amount of Euro 50 million.
Online and retail gambling group Cherry has announced that it is to issue a four-year senior secured bond in the amount of Euro 50 million, with maturity on July 11, 2020.
The net proceeds will be used to partly finance the acquisition of 49 percent of the shares in ComeOn Malta Ltd with an option to acquire the remaining 51 percent. The acquisition of 49 percent of the shares in ComeOn is expected to be finalised this (July) month.
The company revealed in a statement Tuesday that the bond will give a floating rate coupon of Euribor 3 months + 9.00 percent with quarterly payments. The total framework amounts to Euro 200 million.
Cherry intends to apply for listing of the bond on Nasdaq Stockholm within 30 days, and it has been successfully placed with over 70 investors throughout the Nordic region.
Cherry CEO Frederik Burvall said in a statement:
”We are pleased with the large interest among Nordic investors for the bond issue, despite challenging market conditions. The access to the corporate bond market demonstrates investors’ trust for Cherry, the acquisition of ComeOn and our business model. The bond issue enables Cherry to complete the acquisition of the initial 49 percent of ComeOn.”
Burvall confirmed that the final and total consideration for the shares in ComeOn will also be paid with a combination of newly-issued shares and cash. The cash part is to be financed with an expansion of the corporate bond, and the price for the new share issue will be calculated as the volume weighted average share price during the fifteen trading days following Cherry’s announcement to exercise the option to acquire the remaining 51 percent in ComeOn (tranche two).
The option can be exercised during the period October 1, 2016 to December 31, 2016. The total consideration can be a maximum of Euro 280 million on a debt-free basis.
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