Regulatory release 16/2019 Better Collective, the world’s leading developer of digital platforms for bookmaker information, iGaming communities, and betting tips, has today established a new credit facility with Nordea Bank of additionally DKK 300 ...
Regulatory release 16/2019
Better Collective, the world’s leading developer of digital platforms for bookmaker information, iGaming communities, and betting tips, has today established a new credit facility with Nordea Bank of additionally DKK 300 million (approximately EUR 40 million), including which the total credit facilities with Nordea amounts to DKK 600 million (approximately EUR 80 million).
Funding at favourable terms for future acquisitions
Since the IPO last year, Better Collective has invested a total value of EUR >100 million 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 2019, Better Collective had cash and unused credit facilities of EUR 54 million, and has since then completed acquisition of The Rotogrinders Network in the US with a cash payment of EUR 16 million (USD 17,85 million).
The intended use of the additional funding is further acquisitions. The credit facility has been established at highly competitive interest rate levels and with a satisfactory duration that allows for significant flexibility.
Better Collective’s financial targets include a target for the company’s capital structure, whereby Net Interest Bearing Debt/EBITDA (bfs) shall be <2,5. By the end of Q1 2019, the ratio was 0,83.
Flemming Pedersen, CFO of Better Collective:
“Since the IPO, we have executed on the M&A-strategy which was the essential part of the intended use of the IPO-proceeds. 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.”
CEO: Jesper Søgaard
CFO: Flemming Pedersen
Investor Relations: Christina Bastius Thomsen +45 2363 8844
This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8:30 a.m. CET on June 21, 2019.
About Better Collective
Better Collective’s vision is to empower iGamers through transparency and technology – this is what has made them the world’s leading developer of digital platforms for betting tips, bookmaker information and iGaming communities. Better Collective’s portfolio includes more than 2,000+ websites and products, among other bettingexpert.com, the trusted home of tips from expert tipsters and in depth betting theory.
Source(s) : Better Collective A/S
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