Gambling.com group chief executive Charles Gillespie claims the company’s listing of €16m (£14.2m/$18.2m) in senior secured notes on the Nasdaq Stockholm exchange will enhance the digital marketing services provider’s credibility as it seeks to expand in the US.
Gambling.com, which has been granted approval to list on the exchange today (December 4), said that the notes will have a fixed interest rate of 10.5% and, with a three-year tenor period, are due to mature on October 22, 2021.
The bonds have been tradable over-the-counter – without the supervision of an exchange – since their issuance in October, prior to the Swedish Financial Supervisory Authority’s approval of the listing.
Speaking to iGamingBusiness.com, Gillespie said a number of transactions had taken place prior to the listing on Nasdaq Stockholm, with the new approval set to broaden the company’s portfolio of investors.
“By listing the bonds on Nasdaq, the securities become standardised and can appeal to a broader range of investors. For example, some investors have investment mandates that specifically limit them to only listed securities,” he said.
“To be a Nasdaq-affiliated issuer, then the company must meet some fairly high standards. Furthermore, the company has put in place the foundation to do more corporate finance activity with Nasdaq down the road.”
The company’s framework limit is set at €25m, which provides room for the possible future issuance of a further £9m in notes. However, Gillespie added that there are currently no plans for additional listings.
Gillespie previously said that the bond issue will allow Gambling.com to focus on operational execution instead of fundraising, with the aim of supporting the company’s expansion plans in the US.
Last week, Gambling.com relaunched Bookies.com as a US-facing service featuring tips, reviews and news, some nine months after acquiring the website.
Gillespie believes there is an “enormous opportunity in the regulated online gambling business” in the US, with Gambling.com one of the latest affiliates to join the fray. The likes of Catena Media, BettingExpert and RakeTech have all made a number of acquisitions designed to gain a foothold in the market.