Embracer secures new €600m revolving credit facility
Embracer has secured a new €600m ($652m) revolving credit facility with a two-year tenor.
This new facility replaces its existing €420m ($456m) revolving credit facility, which matures in May 2025.
Embracer says the new facility has improved terms, which include a "notably lower credit margin" for utilised debt, which it believes will "reduce interest expenses through both improved terms and a reduced financial leverage."
“Thanks to the significant measures taken throughout the current calendar year, we have strengthened our financial structure and responsibly reduced our financial leverage," Lars Wingefors, co-founder and CEO of Embracer said.
"This step is part of our transition to becoming a leaner and more focused company."
Seven banks were involved in the transaction: BNP Paribas, Citibank, N.A., London Branch, DNB Bank ASA, Sweden Branch, J.P. Morgan SE, Nordea Bank Abp, filial i Sverige, SEB, and Swedbank AB (publ).
Embracer Group paid SEK 3.2 billion ($300m) on its revolving credit facility at the end of last month. The repayment was made possible by the net proceeds Embracer has already received from the sale of Gearbox Entertainment to Take-Two Interactive.
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