CHARLOTTE, N.C. - Gambling.com Group Limited (NASDAQ:GAMB), known for its digital marketing services in the online gambling industry, has secured a $50 million credit facility with Wells Fargo Bank. The agreement, finalized today, includes a $25 million revolving credit line and a $25 million term loan, set to mature on March 19, 2027.
The company has the option to increase the facility by $10 million with Wells Fargo's approval. The new financial resource is earmarked for general corporate use, settling deferred payments, and funding growth opportunities.
Elias Mark, the Chief Financial Officer of Gambling.com Group, stated, "This new credit facility enhances our already strong balance sheet and liquidity thereby providing 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."
Interest rates for the credit facility vary by loan type but include a base rate plus an applicable margin of 2.50% per annum. The rates are based on several benchmarks, including Prime Rate, Federal Funds Rate, and Adjusted Term SOFR for base rate loans, with additional loan types tied to SOFR Rate, Adjusted Eurocurrency Rate, and Adjusted Daily Simple RFR rate, all plus the applicable margin.
Gambling.com Group, founded in 2006, operates in the United States and Ireland, among other markets. The Group's portfolio includes more than 50 websites in seven languages, offering services across iGaming, sports betting, and the fantasy sports industry.
This financial move comes as the Group continues to expand its reach and capabilities in the online gambling sector. The information reported is based on a press release statement from Gambling.com Group Limited.
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