Kambi Group PLC has repaid the €7.5 million convertible bond previously held by Kindred Group that was issued as part of Kambi’s 2014 spinoff from Kindred.
Last year, Kambi announced it had secured the right to repay the bond at its own discretion, and that repayment is now complete.
The repayment of the convertible bond means Kambi will no longer be required to seek prior consent from Kindred for certain events and eliminates the prospect of Kindred converting the bond into shares, which would have given the operator a controlling influence over Kambi.
Kambi also opted to exercise an option to repurchase €7.2 million of its shares, having granted a mandate to do so at the company’s general meeting last June. The buyback is intended to give added value to Kambi’s shareholders and improve flexibility in the firm’s capital structure.
The repayment of the convertible bond has no impact on the partnership between Kambi and Kindred, which was renewed in 2022 and runs until the end of 2026.
