Eleving Group raises €150 million and successfully completes one of the largest bond issuances in the Baltics

The below announcement text was provided to AS Mintos Marketplace (Mintos) by Eleving Group – a cooperation partner of Mintos that offers investment opportunities on mintos.com.

Eleving Group (formerly known as Mogo Finance) has issued bonds in the amount of €150 million that are listed on the Frankfurt Stock Exchange, thus, successfully completing one of the largest bond issuances by a private company in the Baltics. 

Corporate bonds were issued at par with an annual interest rate of 9.50% and a maturity in 2026. Bonds were issued in the form of a Private Placement to European professional investors following a series of investor meetings with professional investors across Europe. The proceeds will be used to refinance existing liabilities, which includes €100 million outstanding Eurobond and others, to further optimize Eleving Group’s cost of borrowing, and to support the company’s further growth.

"We are grateful to the existing and new investors who supported us and showed trust in our company. We are pleased and proud that investors from all over Europe invested in our Company with exceptionally strong demand coming from the Baltic region. This marks another very important milestone in Company’s history and secures stable financing for the Company for the foreseeable future. We will continue developing our mobility and financing platform while introducing new products and investing in digitalization.”

Modestas Sudnius, CEO of Eleving Group

"This is a landmark event not only for the Eleving Group but for the Baltic capital markets as a whole, due to the notable size of €150 million attracted by a Company with local capital and headquartered in Latvia. We hope that this event will help to significantly broaden the investors’ base for our Company as we expect that after the listing in the exchange the bonds will become available for both institutions as well as private individuals.“

Maris Kreics, CFO of Eleving Group

The new bonds are expected to be included in the Open Market of the Frankfurt Stock Exchange on or about 18 October 2021. The new bond is aimed to be listed on a Regulated Market four months thereafter. For more convenient trade and accessibility for private investors, Eleving Group bonds are expected to be also listed on Nasdaq Riga Stock Exchange. 

Eleving Group plans to use approximately  €25 million (roughly 25% out of Eleving’s outstanding investments on Mintos) of the proceeds to rebuy loans financed on Mintos. 

Investors on Mintos who have invested in these loans will receive full principal repayment plus interest during this rebuy. Eleving Group plans that the rebuy will affect all the countries and it is scheduled to begin gradually in the near future. Nevertheless, Eleving Group will continue to offer investment opportunities to investors on Mintos.

“We have issued another successful bond that further solidifies the international recognition and longevity of our business model. At the same time, Mintos remains as a significant source of funding for our Group. We are thankful for continuous support from Mintos investors’ community and we will be working hard to provide more investment opportunities in our Group through the Mintos platform.”

Maris Kreics, CFO Eleving Group

Nevertheless, Eleving Group will continue to offer investment opportunities to investors on Mintos. Plus, at the moment, there’s a large supply of other loan offerings, among them IDF Eurasia, Kviku, Watu Credit, Dozarplati, Conmigo Vales, and DelfinGroup. For more information, see the full list of current loan investments on the Primary Market.

About Eleving Group

Eleving Group was founded in 2012 in Latvia and joined the Mintos marketplace in 2015, originally offering loans for investment from Latvia. Since then, it has placed loans on the marketplace from 14 countries in the Baltics and Central, Eastern, and South-Eastern Europe. Operating regions also include the Caucasus and Central Asia, as well as Eastern Africa. Up to date, the company has issued over € 710 million in loans and has a net loan portfolio of over € 210 million.

Some of the equity investors of Eleving Group and Mintos overlap.

Disclaimer by AS Mintos Marketplace

The information in this publication is marketing communication only and is not considered investment advice.

Investing involves risk. There is no guarantee that you will get back any invested amounts. Past performance is no guarantee of future results. Mintos shall not be responsible for any direct or indirect loss arising from the use of the provided information.

This information in this publication is not intended as an advertisement, solicitation, offer, or recommendation to buy or sell any investments, or to engage in any other transaction. Any investment decision must be based on an analysis of the risks related to the investment. Before investing, consider your knowledge, experience, financial situation, and investment objectives.

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