(GlobeNewswire) – Mogo Finance and its group companies (the Group), specialized in used car financing, announce the settlement and listing of a 4-year corporate bonds (XS1831877755) in the Open Market of the Frankfurt Stock Exchange. The Holding Company of the Group, Mogo Finance, issued oversubscribed EUR 50 million of bonds at par with an annual interest rate of 9.50%.
An application to list the bonds to trading on the Regulated Market will be done within 4 months thereafter.
Edgars Egle, CEO of the Group, commented:
“Listing of our latest bond at the Frankfurt Stock Exchange marks the next step of our growth strategy in Europe to build a leading position in the second-hand car financing sector. The interest of European investors underlines the prospects of our business model. With the upcoming inclusion of our 4-year bond in the Regulated Market of Deutsche Brse, we will also further intensify our capital markets communication thus raising market awareness of used car financing.”
Mogo Finance is one of largest and fastest growing secured used car financing companies in Europe. Recognizing the niche in used car financing underserved by traditional lenders, Mogo Finance has expanded its operations to 10 countries issuing over EUR 250 million up to date and running a net loan portfolio over EUR 120 million. Mogo offers secured loans up to EUR 10 000 with maximum tenor of 72 months making used car financing process convenient, both for its customers and partners. Wide geographical presence makes Mogo unique over its rivals and diversifies revenue streams.
Mogo Finance operates through its own branch network, more than 2 000 partner locations and strong online presence. Physical footprint makes Mogo Finance top of mind brand in used car financing. Established in 2012, headquartered in Riga, Latvia and operates in: Latvia, Estonia, Lithuania, Georgia, Poland, Romania, Bulgaria, Moldova, Albania, Belarus.
This article provided by NewsEdge.