LeoVegas moves to trade bonds on Nasdaq Stockholm
Finansinspektionen – the Swedish Financial Supervisory Authority – has approved for LeoVegas AB to trade its bond placements on the Nasdaq Stockholm.
The online gambling group, registered on the Nasdaq Stockholm as ‘LEO’, has made the move in accordance with the terms of its senior unsecured bonds of SEK 500 million (€50m) secured in September 2021, under a framework of up to SEK 800 million (€80m).
These bonds have a margin of STIBOE 3 million +500 basic points, and were issued above par at a price of 103% of the nominal amount per bond, corresponding to a floating rate interest of STIBOR 3m + 3.95%.
A major corporate goal of the bond issuance – and subsequent Nasdaq Stockholm trading – is to drive the company’s expansion strategy, refinance existing debt and provide options for potential acquisitions.
Commenting at the time of the issuance last month, Gustaf Hagman, Group CEO of LeoVegas, disclosed that the company aims to strengthen its financial flexibility via the enhancement of its bond loan, as well as to diversify its financing.
“This enables us to continue to deliver on our expansion strategy where we focus on regulated markets and markets soon to become regulated,” he explained.
“Further, we continuously evaluate strategic and complementary acquisitions that may fit into the LeoVegas Group.”
The first day of trading for the bonds on the Nasdaq Stockholm will be 7 October, although LeoVegas first announced its intention to make the move in November 2020.
The company disclosed that SEB and Swedbank had been appointed to facilitate the transaction for institutional investors, with the two firms acting as joint bookmakers.