Deutsche Entertainment AG (DEAG) has raised €5m more than initially estimated after a “very positive response” to its 2018-2023 bond offering.

The owner of MyTicket announced plans for the bond last year, saying it was looking to raise €20m to finance growth in its core markets, as well as diversifying the firm’s financing structure.

In an announcement on Monday, Berlin-headquartered DEAG said it would increase its target by a further €5m through a private placement. Just hours later it said the order book would be closed as it was over-subscribed.

Peter Schwenkow, chief executive of DEAG, said: “The response to our bond since October 2018 has been very positive. The price is well above par. With the increase to the maximum volume of €25m already specified in the documentation, we are now meeting the very high demand from institutional investors.

“At the same time, we are further strengthening our position in order to further advance our profitable growth strategy.”

The issue price of the new bonds is expected to be 103.50 per cent, with pricing and allocation to take place today (Tuesday), after closing one day early yesterday.

The bond that bears interest at an annual coupon of 6 per cent has a total volume of €25m following the successful increase.

Most recently, the company acquired stakes in C² CONCERTS, I-Motion GmbH and Michael Drieberg’s Swiss group of companies, as part of its ambitious buy-and-build strategy.

DEAG announced plans to issue the corporate bond to help finance growth after recording a 34.2 per cent increase in turnover in the first half (H1) of 2018 to €118m from €87.9m.