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.
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.
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.
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