Stockholm-listed iGaming affiliate Better Collective has expanded its bank credit facility with Nordea Bank to finance further acquisitions in the future.
The company has established a new credit facility with Nordea Bank for an additional DKK300m (approximately €40m), bringing the total credit facilities with Nordea to DKK600m.
Better Collective said that the additional funding will be used for further acquisitions, with the new credit facility established at highly competitive interest rate levels and with a satisfactory duration that allows for significant flexibility.
Since its IPO last year, Better Collective has invested more than €100m in acquisitions that have been financed by a combination of proceeds from the IPO, cash flow from operations and committed bank credit lines with Nordea.
By the end of Q1, Better Collective had cash and unused credit facilities of €54m, and has since completed the acquisition of The Rotogrinders Network in the US for €16m in cash.
“Since the IPO, we have executed on the M&A-strategy which was the essential part of the intended use of the IPO-proceeds,” said Better Collective chief financial officer Flemming Pedersen. “The acquisitions and the organic growth combined have increased the operational earnings to a whole new level, that allows for further debt leverage.
“We continue to see many interesting acquisition opportunities, and we consider bank financing to be the most attractive way of funding these activities. We want to continue the growth of Better Collective, and the strong support from our main bank, Nordea, is an important factor in this journey.”
Shares in Better Collective A/S (STO:BETCO) were trading up 3.21 per cent at SEK80.50 per share in Stockholm Monday morning.