Cherry AB Secures €50 Million Bond to Fund ComeOn Acquisition

A Scandinavian gaming firm, Cherry AB, recently declared the prosperous issuance of a senior secured bond with a four-year term. The bond issuance, attracting robust interest from more than 70 investors within the Nordic region, garnered €50 million and is scheduled to reach maturity on July 11, 2020.

Cherry intends to allocate the funds towards financing a portion of its purchase of a 49% share in the online casino and sports wagering platform ComeOn Malta Ltd, retaining the right to acquire the outstanding 51% at a future time. Cherry has until the close of 2016 to determine whether to execute this choice. Confirmation of the preliminary acquisition of ComeOn Malta Ltd occurred in the early days of May.

Fredrik Burvall, Chief Executive Officer of Cherry, conveyed his excitement regarding the successful bond issuance, remarking, “The considerable enthusiasm from Nordic investors is heartening, particularly given the unpredictable market climate.” He elaborated that this triumphant entry into the corporate bond market “illustrates the faith investors hold in Cherry, the ComeOn acquisition, and our operational framework.” Burvall concluded by stating that this bond issuance guarantees the funding for the initial 49% ownership in ComeOn.