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Mogo Expands Credit Facility and Lowers Interest Rate
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Rhea-AI Summary
Mogo Inc. (TSX:MOGO, NASDAQ:MOGO), a leader in Canada's financial technology sector, announced key amendments to its senior credit facility with Fortress Investment Group. The changes include a reduction in the effective interest rate to 8% plus LIBOR, an increase in loan capital from $50 million to $60 million, and an extension of the maturity date to July 2, 2025. These amendments strengthen Mogo's financial position by improving cash flow and providing additional capital for growth initiatives.
Positive
Lowered interest rate from 9% plus LIBOR to 8% plus LIBOR.
Increased available loan capital from $50 million to $60 million.
Extended maturity date by three years to July 2, 2025.
Negative
None.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), one of Canada’s leading financial technology companies, today announced amendments to its existing senior credit facility (“Credit Facility”) with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). The amendments lower the effective interest rate from a maximum of 9% plus LIBOR with a LIBOR floor of 1.5%, to 8% plus LIBOR with no floor. In addition, the amendment increases the available loan capital from $50 million to $60 million and extends the maturity date by three years from July 2, 2022 to July 2, 2025.
The full terms of the amended and restated Credit Facility will be filed on www.sedar.com andwww.sec.gov.
About Mogo
Mogo is empowering its close to 1.8 million members with simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card, the only card of its kind in Canada. The MogoCard makes it easy to enjoy spending control while doing good for the planet by planting a tree for every purchase. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans. Mogo’s wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC, while Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
