Gaming Innovation Group – Successful placement of SEK 450 million senior secured bond

Reference is made to the announcement from Gaming Innovation Group Inc. (GiG) .

GiG’s subsidiary, Gaming Innovation Group Plc., has successfully completed the issuance of a new 3-year SEK 450 million senior secured bond with a SEK 550 million borrowing limit. The transaction was oversubscribed and received strong demand from investors across the Nordics, continental Europe, and the US, with participation in the placement from existing as well as new investors.

The net proceeds will be used to refinance the existing SEK 400 million bond with ISIN: NO0010858400 including any call premium and transaction costs with the balance towards general corporate purposes. Settlement of the new bond issue is expected to be on or about 11 June 2021. A call notice for the existing SEK 400 million bond will be sent shortly, and the bond is expected to be called in whole at the next call step down date 28 June 2021.

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The new bond has a floating coupon of 3 months STIBOR + 8.50% per annum and with more favourable terms than the existing SEK 400 million bond. An application will be made for the new bond to be listed on Nasdaq Stockholm and Frankfurt Stock Exchange Open Market.

Richard Brown, CEO of GiG says: “I am pleased to have secured a new bond on better and more flexible terms, that will give a strong position for the business to work from over the coming years towards our financial targets.”

ABG Sundal Collier ASA and Pareto Securities acted as joint managers and bookrunners in connection with placement of the new bond issue.