By Devika Patel
Knoxville, Tenn., Jan. 2 – Mogo Inc. amended the terms of a senior secured credit facility with Fortress Investment Group LLC, increasing the size to C$60 million from C$40 million, according to a Thursday press release. The deal was announced on Sept. 25, 2019.
The loan is now due July 2, 2022, extended from July 2, 2020, and now bears interest at a rate equal to 900 basis points over Libor, with a 1.5% Libor floor. The coupon was previously equal to 1,250 basis points over Libor, with a 2% Libor floor.
Proceeds from the facility had been earmarked to repay and replace Mogo's existing C$30 million facility with Fortress and to fund the company's high yielding line of credit products.
Mogo Finance is a Vancouver, B.C.-based financial technology company.
| Issuer: | Mogo Inc.
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| Issue: | Senior secured credit facility
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| Amount: | C$60 million
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| Maturity: | July 2, 2022
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| Coupon: | 900 basis points plus Libor, Libor floor of 1.5%
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| Investor: | Fortress Investment Group LLC
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| Announcement date: | Sept. 25, 2019
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| Amended: | Jan. 2
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| Distribution: | Private placement
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