Riga/Tallinn/Vilnius, Nasdaq Baltic Market, March 11, 2021 – Nasdaq (NDAQ) announces that bonds issued by AS “mogo”, a provider of vehicle finance lease and leaseback services, have been listed on the Nasdaq Baltic Bond List by Nasdaq Riga as of March 11, 2021.
The size of the issue of unsecured bonds with a nominal value of EUR 1,000 is EUR 30 million. The bonds have an annual interest rate of 11%, and interest payments are made once a month. The bonds mature on March 31, 2024.
Mogo publicly offered the bonds to retail and institutional investors in Latvia, Lithuania, and Estonia from February 12 to February 25, 2021. The offering included both subscription by new investors and an exchange offer to existing bondholders. The issue, the largest public offering by a private company in Latvia in the last four years, was oversubscribed, as more than 840 investors took part in the offering.
“We are pleased to welcome Mogo to the Nasdaq Baltic Bond list after the company successfully completed Latvia’s largest public offering of bonds in four years,” says Daiga Auziņa-Melalksne, the Head of Nasdaq Baltic Exchanges. “For years now, Mogo has been making use of the capital market to support its business objectives, thereby offering Baltic investors more investment opportunities and showing other potential issuers the benefits that the exchange can offer.”
“Remarkable interest and demand from investors from all three Baltic countries, reaffirms investors’ belief in the sustainability of Mogo business model. We highly appreciate the trust of our loyal existing investors who participated in the exchange offer and welcome on board new investors who have joined our investors` community. We feel great responsibility towards our wide international investor community and will continue our work on implementing our business strategy and maintaining high standards for operational transparency,” says Maris Kreics, CFO of Mogo Finance Group.
Mogo has been an active participant of the Baltic bond market since 2014. The purpose the new offering was to refinance existing bonds. Signet Bank acted as the lead manager for the issue.
About AS “mogo”
AS “mogo” is part of the international FinTech Group – Mogo Finance. AS “mogo” offers classical finance lease, leaseback, and long term rent. AS “mogo” has more than 13 thousand active customers in Latvia and EUR 26 million portfolio as of 2020. 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. 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 650 million secured loans and running loan portfolio of EUR 202 million. Established in 2012, with headquarters in Riga, Latvia, Mogo Finance operates in 14 countries in the 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.
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