Swedish banks have approved an unsecured revolving loan for SEK 3.75 ($447 million) for Stillfront Group. The company is going to spend this money on “further strengthening its growth.”
As Stillfront wrote in a press release, the new credit line turned out to be 2.3 times larger than the previous one – the last loan was in the amount of SEK 1.6 billion ($190.8 million). In addition, if the previous loan was issued for a year, then the repayment period for the new one will come only after three years.
According to Andreas Uddman, the company’s CFO, Stillfront will be able to implement its further growth program more flexibly with the help of the funds raised. Uddman did not specify whether the money would go to the next purchase of studios.
Recently, Stillfront has been actively buying up gaming companies. One of the last acquisitions was in October. Then the Swedes announced a deal with the developer of collectible card games Everguild Limited.