Cherry AB, a firm based in Sweden, revealed today the prosperous issuance of €50 million in senior secured bonds. This offering, which surpassed its target and matures on July 11, 2020, was greeted with eagerness by more than 70 institutional investors throughout the Nordic area.
Cherry intends to allocate the funds towards procuring a 49% ownership in the online gaming enterprise ComeOn Malta Ltd, accompanied by an option to buy the outstanding 51% at a subsequent time. This choice can be exercised within the timeframe of October 1st to December 31st, 2016. It’s noteworthy that Cherry had previously affirmed its aim to acquire ComeOn Malta Ltd earlier in May.
Fredrik Burvall, Chief Executive Officer of Cherry, conveyed his enthusiasm, remarking, “The robust interest displayed by Nordic investors in our bond issuance is highly encouraging, particularly given the prevailing unstable market circumstances.” He further highlighted that “the successful access to the corporate bond market serves as evidence of the trust investors hold in Cherry, the ComeOn acquisition, and our operational framework.”
This bond issuance guarantees the essential capital for Cherry to progress with the preliminary 49% purchase of ComeOn.
