Unibet takes 24 million euros loan to redeem bonds
The new loan was granted by an unnamed leading international bank.
Unibet expects to thereby save between 4 million and 5 million euros, including related costs of 1.4 million euros that will be booked in the fourth quarter of 2009. The early redemption will take place on 22 December 2009.
Unibet will pay 1.01 euro for each bond with a nominal value of 1 euro, which corresponds to a premium of 1 %, as well as an annual interest payment of 0.27 euro per bond.
According to Unibet's head of investor relations, Inga Lundberg, the 9.7 % coupon in the bond loan was in line with the market when the bonds were issued but now the interest rates have fallen considerably. The interest rate in the new loan, which is Euribor plus 350 basis points for a period of 12 months, or 4.7 % as at 18 November 2009, is much lower than the coupon, Lundberg said.
The company will also use cash funds to redeem the outstanding 65.8 million euros in the bond loan.
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