ePrivacy and GPDR Cookie Consent by Cookie Consent Fitch Rates Eleving's Proposed Senior Secured Bonds 'B-(EXP)'/'RR4' - Eleving Group

Fitch Rates Eleving’s Proposed Senior Secured Bonds ‘B-(EXP)’/’RR4’

September 29, 2021

Fitch Ratings has assigned Eleving Group S.A.’s (Eleving; formerly Mogo Finance S.A.) proposed bonds an expected senior secured debt rating of ‘B-(EXP)’ with a Recovery Rating of ‘RR4’.

Eleving plans to raise up to EUR200 million with a five-year maturity, which will be guaranteed and secured by pledges on the equity and loan portfolios of its material subsidiaries outside sub-Saharan Africa and Uzbekistan (about 80% of Eleving’s total assets at end-1H21). The proceeds will be used to prepay its outstanding EUR100 million bonds due in July 2022 (ISIN XS1831877755) and to partly refinance its funding from Mintos, a peer-to-peer (P2P) lending platform. Fitch expects the net impact on leverage to be minimal (gross debt/tangible equity plus shareholder loans of 7x at end-1H21).

The final rating is contingent upon the receipt of final documents conforming to information already received.

Fitch Rating report: https://eleving.com/investors/ (please find it in the section “Data for Investors”

Read more: https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-rates-eleving-proposed-senior-secured-bonds-b-exp-rr4-29-09-2021