Stillfront secures $78 million in successful bond issuance

Global games company Stillfront Group has issued senior unsecured bonds worth SEK 850 million ($77.6m), with a total framework of up to SEK 2 billion ($180m). 

The proceeds will fund general corporate purposes, including refinancing credit facility draws, investments, acquisitions, and earn-out payments.

Stillfront said the bonds will carry a floating interest rate based on the three-month Stibor (Swedish interbank rate) plus 3.65% and will be repaid by September 3, 2029. The company plans to list them on the Nasdaq Stockholm corporate bond market.

The move comes following leadership changes at the publisher that saw CEO Jörgen Larsson exit the firm after 14 years. President of publishing and business acceleration  Alexis Bonte has taken the top role on an interim basis while a successor is found.

Stillfront Group also plans to split its operations into three business areas as it aims to raise revenue and profitability. Those divisions include Europe, North America, and MENA/APAC, each reporting as separate segments.

Maintaining flexibility 

"We are pleased to have secured new debt financing with attractive terms, while successfully extending the maturity profile of our debt portfolio, said Stillfront CFO Andreas Uddman. 

“With this new bond framework in place, Stillfront maintains a flexible financing platform and a strong balance sheet." 

DNB Markets, Nordea Bank, and Swedbank served as joint bookrunners and arrangers for the bond issuance, with Mannheimer Swartling providing legal advice.