The agreement includes a $25.0m revolving credit facility and $25.0m term loan facility. Gambling.com Group agreed the finance deal with Wells Fargo Bank.
The new credit facility is due to mature on 19 March 2027. Subject to approval, it may also be incrementally increased by Wells Fargo up to $10.0m in the aggregate.
Gambling.com Group said it expects to use the credit for general corporate purposes and to settle deferred consideration. In addition, the group said the credit facility may help fund potential growth opportunities.
“We have established a track record of successful execution on our growth initiatives that are delivering consistently strong revenue, Adjusted EBITDA and cash flow growth,” Gambling.com Group chief financial officer Elias Mark said.
“This new credit facility enhances our already strong balance sheet and liquidity. Thereby, it provides additional financial flexibility as we pursue both organic and inorganic growth opportunities that can further scale the business and generate incremental value for our shareholders.”
Gambling.com Group prepares to publish 2023 results
Confirmation of the new credit comes ahead of Gambling.com Group publishing its full-year results. The group’s 2023 figures are due out tomorrow (21 March).
In its most recent results announcement, covering Q3, Gambling.com Group revealed that it beat revenue targets. Revenue during the quarter hit $23.5m, up 19% compared to Q3 of 2022.
At the time, year-to-date figures, covering the nine months to the end of September, showed growth across several areas. This includes revenue, up38% higher at $76.1m for the period. This is set to be 30% higher for the full year.
While adjusted EBITDA was down in Q3, the group reaffirmed this metric is expected to grow by 50% during 2023. For the nine-month period, adjusted EBITDA was up 52% to $26.1m.
Original article: https://igamingbusiness.com/finance/gambling-com-group-secures-credit-facility/
