Gaming affiliate Better Collective established a new credit facility with Nordea Bank for an additional DKK300 million ($45 million), which expands its total facility to DKK600 million ($91 million).
Since the IPO last year, Better Collective has invested a total value of €100 million ($114 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 Q!/19, Better Collective had cash and unused credit facilities of €54 million ($62 million, and has since then completed acquisition of The Rotogrinders Network in the U.S. with a cash payment €16 million ($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.
“Since the IPO, we have executed on the M&A-strategy which was the essential part of the intended use of the IPO-proceeds. 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,” said Flemming Pedersen, CFO of Better Collective.
