Betsson is considering the possibility of issuing €100m of new three-year bonds, with the proceeds being used to refinance existing bonds and fund M&A.
The Stockholm-listed operator has mandated Swedbank as a global coordinator and Arctic Securities as a bookrunner to arrange credit investor meetings.
Gernandt & Danielsson will act as legal counsel in connection with the process.
Those meetings will sound out the possibility of issuing new senior unsecured bonds with the operator willing to take on more debt to fund its plans.
Betsson confirmed that net proceeds would be used for “refinancing of outstanding bonds as well as general corporate purposes including acquisitions”.
Alongside potentially giving the green light to new bonds, Betsson has issued an invitation to holdings of its existing €100m bonds due in June 2025 to tender their bonds for purchase by the operator.
Betsson will offer the holds a cash payment at a price of 103.25% of the nominal amount, plus accrued and unpaid interest.
Under the terms of the plan, the offer expires on 12 September, although this deadline could be extended, reopened or terminated at Betsson’s discretion.
However, the offer is conditional upon the successful issue of the new bonds the business is exploring.
The company said: “Betsson will, in connection with the allocation of the new bonds, consider, among other factors, whether or not the relevant investor seeking an allocation of the new bonds has, prior to such allocation, validly tendered existing bonds pursuant to the offer.”
In terms of Betsson’s M&A pipeline, the operator acquired Sporting Solutions from French giant La Française des Jeux last month to bolster both its B2C and B2B aims.
The undisclosed deal will see Betsson snap up Sporting Solutions’ trading, pricing and sports betting risk management services.
The group is planning to deploy the tech within its own B2C offering while also packaging the product as a B2B tool.
Betsson’s B2B revenue in Q2, primarily driven by KickerTech, amounted to €70.6m, up from €65m in Q2 2023.
Elsewhere, Betsson will be exiting the US B2C market at the end of September after choosing to shutter the Betsafe brand in Colorado.
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