Latvia’s Eleving Group says half of Mogo bondholders will exchange

Chicago, Oct. 23 – Eleving Group SA (formerly Mogo Finance SA) announced that noteholders representing slightly more than half of the issue of bonds due in 2024 that were originally issued by Mogo AS (ISIN: LV0000802452) participated in the company’s exchange offer for longer-dated bonds (due 2028) with a higher coupon (13%) and more security, according to a press release.

According to a prospectus on the company’s website, there were €30 million of the bonds issued in March 2021.

The company was also offering the new bonds in a public offering. The total issue size was limited to €75 million.

The new bonds will be par of €100, which translates to an exchange ratio of 1:10, as the existing bonds are par of €1,000.

The offer ended at 10 a.m. ET on Oct. 13. Settlement is expected Oct. 31.

The Riga, Latvia-based issuer provides financial and mobility solutions in Central Europe, CIS, Eastern and Sub-Saharan Africa.

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