Mogo expands credit facility, trims borrowing rate

By Rebecca Melvin

Concord, N.H., Dec. 17 – Mogo Inc. amended its senior credit facility to increase available loan capital and lower its rate, according to a company release on Friday.

The amendments increase the facility’s available loan capital to C$60 million from C$50 million and lowers the effective interest rate to Libor plus 800 basis points with no floor, from Libor plus 900 bps, with a 1.5% floor.

The facility is with funds managed by affiliates of Fortress Investment Group LLC.

Based in Vancouver, the financial services company offers high interest loans, mortgages and other services.

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