Cherry issues secured bond

ry AB, headquartered in Sweden, today gave notice that it has issued a four year senior secured bond of €50m with maturity on 11 July 2020.

The bond was placed with more than 70 investors across the Nordic region.

The operator has registered its intention to use the net proceeds to partly finance the acquisition of 49% of the shares of online casino and sports betting site ComeOn Malta Ltd, with an option to acquire the remaining 51%.

The decision as to whether to acquire said remaining 51% must be exercised during the period 1 October 2016 to 31 December 2016.

Cherry confirmed the deal to acquire ComeOn Malta Ltd in early May.

Fredrik Burvall, CEO of Cherry, said: “We are pleased with the large interest among Nordic investors for the bond issue, despite challenging market conditions.

“The access to the corporate bond market demonstrates investors’ trust for Cherry, the acquisition of ComeOn and our business model.

“The bond issue enables Cherry to complete the acquisition of the initial 49% of ComeOn.”