Issuing a market update, Kax Media the operating company of industry legacy affiliate portal Gambling.com has detailed that it has completed a €16 million fundraising plan for its subsidiary future growth strategy.
Kax details that 46 investors participated in the funding round, which will be primarily used for acquisition purposes. The agreed bond has a final maturity date of July 2020, with an attached fixed rate coupon of 100%.
The Bond is affiliated to European securities firm Euroclear Sweden, and will convert to equity should Kax seek a change-of-control or initial public offering (IPO) for Gambling.com
Kax management further details that the bond marks the first time that Euroclear Sweden has affiliated a convertible bond from a non-Swedish issuer.
“2017 has been a tremendous year for Gambling.com Group. We have executed on all our plans and are pleased to have a fully subscribed offering for our second convertible bond. We look forward to deploying this cash on strong acquisitions with additional growth potential. 2018 is shaping up to be very exciting indeed,” said Charles Gillespie, Gambling.com Group Chief Executive.
Carnegie Investment Bank and Redeye acted as joint bookrunners. Fenech & Fenech Advocates, Hutchison PLLC and White & Case Stockholm acted as legal advisors on the transaction regarding Maltese, US and Swedish law, respectively.
Source: SBC News
