Nordic investors snap up bonds, with 48 percent over-subscription
Betsson AB has announced the issuance of senior unsecured bonds in a total amount of SEK 1 billion due 2019 following its notification of the initiative earlier this week.
And, the company revealed, the bonds have successfully been placed among mainly Nordic investors.
The proceeds from the bond issue will be used to facilitate Betsson's acquisition strategy, refinancing debt and general corporate purposes.
The Bonds have a floating rate coupon of Stibor 3m plus 3.5 percent and a tenure of 3 years, maturing in November 2019. Betsson intends to apply for a listing of the bonds on Nasdaq Stockholm.
"Betsson's strong balance sheet and cash generation contributed to a large interest in the bond, which was oversubscribed by 48 percent. The proceeds of the bond gives us increased financial flexibility to act on acquisition opportunities," said Ulrik Bengtsson, CEO and President of Betsson AB in a statement Thursday.
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