Chrystal Capital and JV partner ISM raise £65 million convertible bond for Sportingbet PLC

Chrystal Capital and JV partner ISM raise £65 million convertible bond for Sportingbet PLC

Together, Chrystal Capital and ISM Capital closed on a substantially oversubscribed £65 million convertible bond for LSE listed Sportingbet Plc, the online sports betting service.

Chrystal Capital and ISM were engaged by Sportingbet to provide advice on the structuring and placement of the bond with institutional investors alongside an equity financing of £65 million. The total capital raised of £130 million will fund the proposed acquisition and integration with Centrebet, the Australian-listed parent of online betting outfit Sportsbook.


“The Bond has brought a whole new group of institutional investors to the Sportingbet story, who clearly see the potential of the business we are creating.”

Andrew McIver, Chief Executive Officer of Sportingbet


This £65m convertible bond issue is the second to be completed through the joint venture between Chrystal Capital and ISM following a $70million raise for AIM-listed Lonrho Plc in October 2010.

Andrew McIver, Chief Executive Officer of Sportingbet, commented: “The Bond has brought a whole new group of institutional investors to the Sportingbet story, who clearly see the potential of the business we are creating. The acquisition of Centrebet is a major step forward as it accelerates the group’s strategy of increasing its exposure to regulated markets and of geographic diversification.”

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