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Mogo Finance EUR 2022 bondholders approve amendments to terms and conditions - Bondholders' meeting secures greater financial flexibility in COVID crisis

DGAP-News: Mogo Finance S.A. / Key word(s): Bond Mogo Finance EUR 2022 bondholders approve amendments to terms and conditions - Bondholders' meeting secures greater financial flexibility in COVID crisis 27.01.2021 / 15:15 The issuer is solely responsible for the content of this announcement. Mogo Finance EUR 2022 bondholders approve amendments to terms and conditions

Bondholders' meeting secures greater financial flexibility in COVID crisis

Riga, Latvia, 27 January 2021. Mogo Finance and its group companies (the "Group"), specialized in used car financing, has received broad approval from bondholders to amend the terms and conditions of its EUR 2022 bonds. At today's bondholders meeting, all proposed amendments were resolved. The proposals included the replacement of the bondholders' representative (Proposal 1), the amendment of financial conditions (Proposal 2) and the amendment of the definition of permitted debt (Proposal 3). The minutes of the meeting will be published on the Group's website later today.

Proxies were given to a single proxyholder in accordance with Luxembourg laws on bondholders' meetings. The tabulation agent confirmed that proxies were received from over 450 investors holding EUR bonds in a total nominal value of approximately EUR 75.5 million. With the resulting participation of 75.5% of outstanding bonds, the quorum threshold of 50% was duly satisfied. Of the participants, at least 96% voted in favor of each of the resolutions, thereby also duly satisfying the majority thresholds.

The terms and conditions of the EUR 2022 bonds are expected to be formally amended in the coming days. Subsequently, the updated terms and conditions will be published on the website of Mogo and the amendment fees will be paid to the relevant investors.

Modestas Sudnius, CEO of Mogo Finance, commented: "The bondholders' consent to the amendment of the terms and conditions is a great vote of confidence in Mogo Finance. We greatly appreciate the support of our investors as we navigate the COVID crisis."

CFO Maris Kreics added: "The approvals in relation to the interest coverage ratio, the equity ratio and the permitted debt clause will strengthen the growth and profitability prospects of the Group. With the resulting greater financial flexibility in the economic environment of the COVID crisis, we can continue to focus on optimizing business performance."