LeoVegas gains approval for Nasdaq Stockholm bond placements
The Swedish financial regulator Finansinspektionen has approved LeoVegas AB to trade bond placements on the Nasdaq Stockholm.
Sweden.- The online gambling group LeoVegas has gained approval to trade its bonds on the Nasdaq Stockholm. Finansinspektionen, Sweden’s financial regulator, approved the operator, which trades on the market as LEO.
The bonds will begin trading today (October 7). The group aims to use its trading on the market to help fund its expansion strategy, providing options for acquisitions while refinancing existing debt. In May, LeoVegas completed its acquisition of Expekt in order to relaunch the brand in the Nordics.
SEB and Swedbank have been appointed as joint bookmakers to facilitate the transaction for institutional investors.
The company issued senior unsecured bonds of SEK 500m (€50m) in September under a framework of up to SEK 800m (€80m). The bonds, with a margin of STIBOE 3m +500 basic points, were issued above par at a price of 103 per cent of the nominal amount per bond, corresponding to a floating interest rate of STIBOR 3m + 3.95 per cent.
Gustaf Hagman, Group CEO of LeoVegas, said last month: “This enables us to continue to deliver on our expansion strategy where we focus on regulated markets and markets soon to become regulated. Further, we continuously evaluate strategic and complementary acquisitions that may fit into the LeoVegas Group.”
Meanwhile, LeoVegas has begun to block Dutch players while it prepares an application for a licence to operate on the country’s new regulated igaming market.