GIG issues $45m senior secured bond
Gaming Innovation Group (GIG) has completed the issuance of a SEK400 million (€42.2 million/$44.9 million) senior secured bond in the Nordic bond market.
The company said that the bond issue was “significantly oversubscribed” and “received strong demand” from across the Nordic region.
The firm, which owns the Betit and iGaming Cloud brands, plans to use net proceeds from the issue for acquisitions, as well as to refinance existing debt of €6 million and for general corporate purposes.
GIG added that settlement is expected to be March 6 this year, with final maturity due March 6, 2020, and includes a borrowing limit of SEK1.3 billion.
Robin E. Reed, chief executive of GIG, said: “Our vision is to interconnect the operators and suppliers of the iGaming industry in an eco-system.
“The proceeds from this bond placement will allow us to acquire and invest into marketing businesses and distribution channels.
“This will greatly increase our traffic driving capability to our rapidly expanding eco-system.
“More volumes will benefit all the stakeholders with advantages of scale; hence, this bond placement is a massive milestone for GIG and our partners.”
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