Chicago, Jan. 4 – Eleving Group SA issued €25 million of 12% subordinated bonds with a 10-year tenor, according to a company release.
Proceeds will be used to refinance existing shareholder loans and for business growth.
Because the notes are hybrid instruments, Fitch gives equity credit to the subordinated bonds. As a result, the group’s leverage ratio remains broadly unchanged.
Aalto Capital acted as global coordinated and financial adviser.
The new bonds will be included on the alternative market of the Nasdaq Baltic First North within six months of settlement.
The Riga, Latvia-based issuer is a provider of used-car finance, operating in such countries as Lithuania, Latvia, Estonia and Georgia.
| Issuer: | Eleving Group SA
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| Amount: | €25 million
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| Issue: | Subordinated bonds
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| Maturity: | 2031
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| Bookrunners: | Aalto Capital
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| Coupon: | 12%
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| Announcement date: | Dec. 29
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| ISIN: | XS2427362491
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