Fitch rates Eleving secured bonds B-

Fitch Ratings said it assigned Eleving Group SA's (formerly Mogo Finance SA) proposed bonds an expected senior secured debt rating of B-(EXP) with a recovery rating of RR4.

Eleving plans to raise up to €200 million with a five-year maturity, which will be guaranteed and secured by pledges on the equity and loan portfolios of its material subsidiaries outside sub-Saharan Africa and Uzbekistan (about 80% of Eleving's total assets at end-1H21).

The proceeds will be used to prepay its outstanding €100 million bonds due in July 2022 (ISIN XS1831877755) and to partly refinance its funding from Mintos, a peer-to-peer (P2P) lending platform. Fitch expects the net impact on leverage to be minimal (gross debt/tangible equity plus shareholder loans of 7x at end-1H21), Fitch said in a news release.

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