International edition
June 12, 2021

The early redemption will take place on 22 December 2009

Unibet takes 24 million euros loan to redeem bonds

(Sweden).- Stockholm-listed online gambling company Unibet Group recenlty said that it has drawn a 12-month revolving credit facility of 24 million euros, to be used for early redemption of an 100 million euros bond loan.

T

he 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.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook