Cherry simplifies the Group’s legal organization and intends to amend its bond terms
The Board of Directors of Cherry AB (publ) – STO: CHER-B.ST – has decided to initiate a process aimed at simplifying the Group’s legal structure and increasing the flexibility of outstanding bond loan.
Cherry has instructed Nordic Trustee, the agent for Cherry’s outstanding bond loan of approximately EUR 179.9 million, with ISIN SE0008321616, to initiate a written procedure aimed at inter alia adjusting the covenants of the bond, to facilitate changes in Cherry’s legal structure and to increase the company’s financial flexibility. The adjustments, which are intended to be implemented during the first quarter of 2018, will entail the Group’s legal structure to better match its operational structure. Accordingly, Cherry will, among other things, improve its administration.
Bondholders holding about 73 percent have agreed to the proposed adjustments.
The notice of written procedure is published on Cherry’s website, www.cherry.se and on Stamdata, www.stamdata.com.
For further information, please contact:
Anders Holmgren, CEO, Tel.: +46 708 607 534, anders.holmgren@cherry.se
Christine Rankin, CFO, Tel.: +46 765 399 492, christine.rankin@cherry.se
Anders Antonsson, IR & Communications, Tel.: +46 709 994 970, anders.antonsson@cherry.se
This information is such that Cherry AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication under the auspices of the contacts detailed above on 22 December 2017, at 5:20 p.m. CET.
Cherry is a Swedish innovating and fast-growing gaming company established in 1963. The business strategy is to create shareholder value by owning and developing fast growing and profitable businesses within the gaming and casino industry. Today, Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The objective is to grow organically in combination with strategic acquisitions of fast-growing companies. Cherry employs some 1,100 people and has about 6,900 shareholders. The company’s class B share is listed on the Nasdaq Stockholm exchange, Mid Cap segment. More information is available at www.cherry.se.
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