Redeye comments on Sivers’ refinancing of its existing debt facilities into a new USD17m consolidated structure with Bootstrap Europe. The terms are broadly in line with previous financing, while the increased facility size improves flexibility and simplifies the capital structure. Importantly, the convertible loan carries a conversion price at a 48% premium to the current share price and caps maximum dilution at approximately 7%, which we view as shareholder-friendly. We expect limited impact on our estimates and will incorporate the new structure following the Q4 report.
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