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24 Jun 2019 | 07:24

CentralNic Group completes placing of debt; expects performance to top expectations

Internet domain names provider CentralNic Group said it had completed the placing of senior secured debt and also said it expected results to top market expectations following 'strong' performance for the first four months of the financial year. The company said it had successfully completed a new senior secured bond issue of €50m which was oversubscribed. The bond, maturing in July 2023, had a coupon of three-month EURIBOR plus 7% a year with quarterly interest payments. The settlement date for the bond issue was expected to be in early July 2019. Trading for the first four months of 2019 had been 'strong' and management expected full-year results to be ahead of market consensus, the company said. For the four month period ending 30 April, CentralNic had recorded revenues of about $33.8m USD, well above the $9.0m last year and earnings (EBITDA) of $5.4m, above the $0.4m last year. Net debt, excluding prepaid charges, stood at about $7.4m USD as of 30 April 2019. 'We are delighted to have completed our debut bond issue, which was oversubscribed and supported by a wide range of debt capital markets investors globally. This establishes CentralNic as an issuer and, in combination with our strong support among equity market investors, offers us considerable financial flexibility, over the medium term, to pursue our strategic growth objectives,' said Ben Crawford, CentralNic CEO. 'Meanwhile, the pleasing organic growth of our existing recurring business continues to provide a solid basis to include this increased leverage into our financial structure - allowing us to continue making earnings accretive acquisitions while maintaining prudent debt ratios.'

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