Cherry AB, a firm based in Sweden, revealed today the successful issuance of €50 million in senior secured debt securities. The bonds, set to mature on July 11, 2020, drew interest from over 70 investors, largely concentrated in the Nordic area.
Cherry intends to allocate the funds towards procuring a 49% ownership interest in the internet gaming enterprise ComeOn Malta Ltd. This transaction also grants Cherry the prerogative to acquire the outstanding 51% stake in ComeOn Malta. Cherry has a window until the close of 2016 to execute this option. The preliminary acquisition of ComeOn Malta was verified in May.
Fredrik Burvall, Cherry’s Chief Executive Officer, conveyed his contentment with the bond issuance, remarking, “The robust enthusiasm from Nordic investors is encouraging, particularly considering the prevailing market climate. This successful foray into the corporate bond market illustrates investor faith in Cherry, the ComeOn acquisition, and our operational framework. This bond issuance furnishes us with the means to finalize the initial phase of the ComeOn acquisition.”
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