Latvia’s Eleving Group opens exchange offer for Mogo bonds due 2024

Chicago, Sept. 27 – Eleving Group SA (formerly Mogo Finance SA) opened an offer on Tuesday to exchange existing bonds for longer-dated bonds with a higher coupon and more security, according to a notice.

Bonds due 2024 that were originally issued by Mogo AS (ISIN: LV0000802452) will be exchangeable for new senior secured guaranteed bonds maturing in 2028 (//B-).

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

The coupon rate on the new bonds is expected to be between 12% and 13˝%. The final coupon will be determined on or around Oct. 2.

The company is also offering €75 million of the new bonds in a public offering.

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 ends at 10 a.m. ET on Oct. 13. Settlement is expected Oct. 31.

Either the company (+371 24332308, www.invest.eleving.com, www.eleving.com/investors) or Signet Bank, (+371 67081058, invest@signetbank.com) can be contacted for further information.

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

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