Artificial Solutions raises SEK 250 million in credit to refinance existing debt and support continued growth
Artificial Solutions International AB (“Artificial Solutions” or the “Company” and together with its subsidiaries the “Group”) has today signed a term sheet with a fund managed by Capital Four, one of the largest independent credit asset management companies in the Nordics with a total of EUR 15 billion in assets under management regarding a 5-year credit facility of SEK 250 million, carrying an interest margin of 9.5% and with PIK (payment in kind) interest, i.e. interest costs will be capitalized and will not result in any cash interest payments during the tenure.
The proceeds will be used to refinance the Group´s existing debt and convertible debt. Following repayment of the debt and related transactional fees, approximately SEK 50 million is available for supporting the Company’s continued growth and execution of the new SaaS model strategy built on the offering LUIS^Teneo.
Prior to the completion of the transaction, the Company will repay the bond of SEK 52 million issued by Artificial Solutions Holding ASH AB, which matures on October 5, 2021, with existing cash. The Company’s Cash & Bank position on September 30, 2021, amounted to SEK 96 million. Adding the approximately SEK 50 million for supporting the Company’s continued growth, the Cash & Bank Position on September 30, 2021, would be approximately SEK 146 million.
Artificial Solutions CEO Per Ottosson comments “Refinancing our existing debt and also receiving cash to support our continued growth at attractive terms with a reputable investor such as Capital Four, is a sign of trust in our technology, people and new SaaS strategy. We welcome Capital Four as a long-term financing partner.”.
Pareto Securities and Roschier Advokatbyrå acted as financial and legal advisors, respectively, for the overall refinancing process.
This disclosure contains information that Artificial Solutions International AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 05-10-2021 17:35 CET.
For further information, please contact:
Fredrik Törgren, CFO, Artificial Solutions
Telephone: +46 (0)70 355 08 29
e-Mail: fredrik.torgren@artificial-solutions.com
About Artificial Solutions
Artificial Solutions® (SSME:ASAI) is the leading specialist in Conversational AI. We enable communication with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input.
Artificial Solutions’ advanced conversational AI Teneo®, allows business users and developers to create sophisticated, highly intelligent applications that run across 86 languages and dialects, multiple platforms and channels in record time. The ability to analyse and make use of the enormous quantities of conversational data is fully integrated within Teneo, delivering unprecedented levels of data insight that reveal what customers are truly thinking.
Artificial Solutions’ conversational AI technology makes it easy to implement a wide range of natural language applications such as virtual assistants, conversational bots, speech-based conversational UIs for smart devices and more. It is already used daily by millions of people across hundreds of private and public sector deployments worldwide.
Artificial Solutions International is listed on Nasdaq First North Growth Market in Stockholm with short name ASAI. Erik Penser Bank is the Company’s Certified Adviser (www.penser.se, tfn +46 (0) 8-463 83 00, e-post certifiedadviser@penser.se).
For more information, please visit www.artificial-solutions.com.
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