The company said in a statement on Friday that it is in the process of securing a new revolving credit facility from a third-party lender, with the new facility expected to offer more favourable terms than the existing note, including lower borrowing costs and improved drawdown flexibility.
“This partial repayment and extension will further strengthen our balance sheet and reflects our confidence in the business,” said Robbie Bressler, Chief Financial Officer at Bragg Gaming Group.
“With a reduced need for working capital support, we’re focused on finalizing a new facility to secure standby credit, allowing for greater financial flexibility and enabling us to pursue strategic growth opportunities.”
The secured promissory note was issued on April 24, 2024, at an interest rate of 14 per cent per annum.
Bragg intends to repay the remaining US$2m balance on or before the amended June 6, 2025 maturity date.
Shares in Bragg Gaming Group Inc. (TSE:BRAG) closed 1.39 per cent lower at CA$5.66 per share in Toronto Friday.
Bragg Gaming Group (NASDAQ: BRAG, TSX: BRAG) is a global iGaming technology and content provider, serving online and land-based operators with its advanced player account management (PAM) platform and proprietary casino games powered by brands such as Wild Streak Gaming, Atomic Slot Lab and Indigo Magic.
In addition to its proprietary portfolio, the Group offers exclusive partner benefits through the Powered By Bragg program, distributed through its Bragg HUB platform. Bragg’s modular technology powers leading iCasino and sportsbook brands, enhanced by in-house management, operations and marketing services. Its content, managed by a single back-office and integrated with the Fuze™ data platform and engagement tools, is available in over 30 regulated markets worldwide, including the United States, Canada, Latin America and Europe.
Source: GMB
