€12.5 million bond issue unveiled by Together Gaming Solutions

The bond issue aims to refinance existing debt

by Nicole Zammit

7 March 2025

Malta’s iGaming sector continues to evolve, with Together Gaming Solutions plc recently launching a €12.5 million bond issue.

The bond issue, which offers a 6.25 per cent interest rate and matures in 2032, is listed on the Malta Stock Exchange and aims to refinance existing debt. This includes the redemption of Together Gaming’s outstanding 5.9 per cent unsecured callable bonds due between 2024 and 2026. Existing bondholders have the option to exchange their current bonds for the new issue.

In January 2024, Swedish iGaming investment firm Cherry With Friends AB finalised the acquisition of Gameday Group plc, the majority shareholder of Together Gaming. The deal, which was first announced in November 2023, was welcomed by Together Gaming’s Board of Directors, who believed it would have an “overall positive effect” on the company’s future.

With Cherry With Friends now holding 99.99 per cent of Gameday Group’s shares, and Gameday Group owning the vast majority of Together Gaming, the bond issue represents a significant step in integrating the Maltese subsidiary into the broader Cherry With Friends investment portfolio.

Focused on B2B platform growth

Together Gaming Solutions operates as a cloud-based platform provider, powering various iGaming brands. The company’s B2B platform serves iGaming operators by providing the technical infrastructure required to launch and manage online casinos and sportsbooks from virtually anywhere. This positions Together Gaming as a critical enabler within the global iGaming ecosystem.

With the new bond proceeds, the company aims to refinance existing debt and strengthen its financial footing. This will allow Together Gaming to focus on product development, support its existing operators, and potentially attract new clients.

Why this bond issue stands out

There are several features of this bond issue that stand out:

Together Gaming’s bonds are guaranteed by Cherry With Friends AB, providing investors with an additional layer of security. This cross-border guarantee structure ties a Maltese-listed financial instrument to the backing of a well-established Swedish investor.
Together Gaming has been undergoing significant changes, especially following the acquisition by Cherry With Friends. This bond issue appears to be part of a broader financial restructuring, allowing the company to consolidate debt, simplify its balance sheet, and pave the way for future growth.
Cherry With Friends’ primary investment is Cherry Spelglädje AB, a land-based casino operator with a history dating back to 1963. There appears to be a clear strategy to leverage Together Gaming’s online platform capabilities to complement Cherry Spelglädje’s land-based expertise, particularly in the Nordic region.

With the support of a Swedish parent company, a clear refinancing strategy, and a strong focus on platform development, Together Gaming is positioning itself for a new phase of growth.

Written by

Nicole Zammit

When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.