Published: 2021-02-12 08:10:56 CET
mogo
Inside information

Public offering of MOGO bonds is launched

JSC “mogo” today launches the public offering for bonds that will last from February 12, 2021 to February 25, 2021.

On February 2, 2021, the Financial and Capital Market Commission of Latvia has approved the Base Prospectus of EUR 30 000 000 Bonds Programme of AS "mogo". 

The public offering consists of two parts – subscription by new investors and exchange offer to existing bondholders.

  • For new subscription, the bonds are offered to existing Mogo bondholders and retail and institutional investors from Latvia, Estonia, and Lithuania.
  • To maintain cooperation with our existing investors, during the exchange offer all existing bondholders of JSC “mogo” bonds with the ISIN codes LV0000801363 and LV0000880029 is offered the opportunity to exchange their existing bonds for the new bonds, in exchange for a 2% premium that will be paid together with the first new bond coupon payment.

Modestas Sudnius, CEO of Mogo Finance Group: “We appreciate the trust shown by our investors over the years, therefore we are happy to offer Baltic investors a new opportunity to invest in the bonds of the Group's flagship company - Latvian enterprise JSC “mogo”. We see bonds as an important tool in financing the Group's growth, and we are glad that over the years investor interest in both JSC “mogo” and Mogo Finance bonds has grown, thus creating a wide community of investors from around the world.”

"It's great to see AS mogo continuing to use the opportunities offered by the bond market to raise funding. With this public offering, it is opening up new opportunities for retail and institutional investors in Latvia, Estonia, and Lithuania to invest in debt securities,” says Daiga Auziņa-Melalksne, the Head of Nasdaq Baltic Exchanges.

JSC “mogo” has been represented in the Baltic capital market since year 2014. Two years after its founding, Mogo successfully completed the issue of debt securities in the amount of EUR 20 million, which was included in the Baltic Regulated Market. Currently, Mogo is represented in the Baltic capital market with two bond issues - in the total amount of EUR 30 million. The purpose of this issuance is to refinance the current bonds.

  • Each bond’s nominal value constitutes EUR 1 000.
  • The minimum investment amount during the initial offering is at least one bond.
  • Interest payments on the bonds will be made on monthly basis on the dates specified in the terms and conditions of the Bonds Base Prospectus, with annual coupon rate 11%.
  • The bonds will mature in 3 years, however Mogo has the right to redeem the bonds prematurely.

The bonds are planned to be included in the regulated market – the Baltic Bond List of “Nasdaq Riga” stock exchange not later than on March 31, 2021. To provide investors with a convenient experience for the new bonds subscription the process will be intermediated via Nasdaq Riga Genium INET trading system, but the exchange offer of current bondholders will be provided through the Nasdaq CSD. “Signet Bank, AS” acts as the lead manager for the bonds` issuance.

Mogo invites investors, mass media representatives and other stakeholders to join its investor conference webinar scheduled on February 18, 2021 at 04:00 PM (EET), where  Mogo Finance Group CEO Modestas Sudnius and CFO Maris Kreics will inform about the announced public offering of bonds and unaudited financial results of 12 months of 2020.To join the webinar, we invite you to register via: https://attendee.gotowebinar.com/register/7629787575297175823

Detailed information on bonds issue terms and conditions as well as the  information how to participate in bonds auction: https://mogo.finance/new-bonds/

AS “mogo” is part of international FinTech Group – Mogo Finance. AS “mogo” offers classical finance lease, leaseback and long term rent available in the most convenient way for the customer – online, by phone and at more than 280 affiliated car dealerships. AS “mogo” has more than 13 thousand active customers in Latvia and EUR 26 million portfolio y2020.

Mogo Finance Group, keeping car lending business as predominant, also utilizes consumer lending in selective markets as a strategic capital allocation vehicle to leverage its performance and customer base. Recognizing the niche underserved by conventional lenders, Mogo Finance provides financial inclusion and disruptively changes the used car and alternative financing industry across its countries. Up to date the Company has issued over EUR 585 million secured loans and running a net loan and used car rent portfolio of over EUR 192 million. Wide geographical presence and diversified revenue streams grant Mogo with unique scale and pace. Mogo Finance operates a multi-channel fintech approach through its own branch network, more than 2,000 partner locations and a strong online presence. Established in 2012, with headquarters in Riga, Latvia, Mogo Finance operates in 14 countries in Baltics and Europe with a strong focus on GDP-dynamic countries in Central, Eastern and South-Eastern Europe. Operating regions also include the Caucasus and Central Asia as well as Eastern Africa.

Read more: www.mogofinance.com  

Further information:

Māris Kreics

Group Chief Financial Officer

Phone: +371 26 128 020

E-mail: maris.kreics@mogofinance.com

 

Agita Baltbārde

Head of Group PR

Phone: +371 29 133 073

E-mail: agita.baltbarde@mogofinance.com