Eleving Group has announced a public exchange offer for holders of its outstanding 2023/2028 bonds (ISIN DE000A3LL7M4), inviting them to swap into newly issued 2026/2032 senior secured bonds (ISIN XS3517354141). The new bonds, totaling EUR 200 million, carry a fixed 9% annual coupon with quarterly interest payments and a six-year maturity. Up to EUR 25 million of these new bonds are available through the exchange offer, which runs from 6 October 2026 to 20 October 2026. The move is significant because it allows Eleving Group to extend its debt maturity profile and potentially reduce refinancing risk, while offering bondholders a chance to continue earning attractive returns in a higher-yield instrument.
Simultaneously, Eleving Group has published a conditional notice of early voluntary redemption for any existing 2023/2028 bonds not exchanged. Subject to conditions, these bonds are expected to be redeemed at 101% on or around 02 November 2026, or a later date if announced. This dual approach pressures bondholders to decide quickly: exchange into the new bonds or face early redemption. The exchange ratio is 1:1, meaning EUR 100 nominal of old bonds converts to EUR 100 nominal of new bonds, subject to final allocation. Accrued and unpaid interest on the old bonds up to the settlement date, expected around 26 October 2026, will be paid in cash. The new bonds are expected to be listed on the Frankfurt Stock Exchange (General Standard) and Nasdaq Riga Baltic Regulated Market on or around 20 October 2026. A securities prospectus approved by Luxembourg's CSSF is available on the company's website at www.eleving.com.
For bondholders, the key implication is the limited allocation: only EUR 25 million is reserved for the exchange, so not all tendered bonds may be accepted. Those who do not participate will have their bonds redeemed early at 101%, which may be below current market prices if the bonds are trading higher. The new bonds offer a 9% coupon, which is attractive in the current interest rate environment, but they also carry a longer maturity and are senior secured, potentially changing the risk profile. The company's decision to refinance suggests confidence in its business and a desire to lock in longer-term funding. Eleving Group operates in 18 countries, providing vehicle, smartphone, and consumer financing, with over 2.2 million registered users and 4,600 employees. Its shares are listed on Nasdaq Baltic and Frankfurt Stock Exchange. Detailed documents, including the Eleving Group Bond Issue and Exchange Offer Prospectus and the Eleving Group Bond Terms and Conditions, are available for review. The Eleving Group Exchange Offer Invitation and the Eleving Group Addendum Exchange Offer Invitation outline the procedures. The Eleving Group Early Redemption Notice details the conditions for non-exchanged bonds. Summaries of the prospectus are available in multiple languages: Summary of the Prospectus (LV), Summary of the Prospectus (LT), Summary of the Prospectus (EE), and Summary of the Prospectus (DE). An investor call is scheduled for 14 October 2026, with registration available here. The original release can be viewed on www.newmediawire.com.
