First Mover Group issues bond loan
First Mover Group AS has issued a bond loan for NOK 200 million
On 6 September 2019, First Mover Group AS successfully placed its first bond loan for NOK 200 million. There was strong interest in the market and the bond, which was placed with both private and institutional investors, was significantly oversubscribed. The issue is intended to enable the company to accelerate its growth and make value-added acquisitions in the Nordic market. The proceeds from the issue will be used to refinance around NOK 100 million in debt, while NOK 70 million will be earmarked for acquisitions and the remaining amount will be used for general company purposes. The bond has a term of three years, a floating coupon rate of 3M + 6.0 per cent and a ceiling of NOK 400 million.
“We are delighted with the positive reception we have received from the bond market and the confidence bond investors have shown in us. This bond will allow First Mover Group to continue our profitable growth, as well as provide access to capital to continue consolidating the Nordic market,” says Tore Martinsen, CEO of First Mover Group.