Eleving Group bond issue

About Eleving Group

Established in 2012, Eleving Group S.A. is one of the largest and fastest-growing secured used car and consumer financing companies in Europe. The Group operates in 16 countries across three continents, providing broad diversification and eliminating single market risk.

The Group runs two main business segments (Vehicle Finance and Consumer Finance), with Vehicle finance contributing 2/3 to the Group’s net loan portfolio.

In 2024, Group raised EUR 29m in the largest IPO in Nasdaq Riga history. Current market capitalization of the Group is EUR 198m.

All time highest EBITDA of EUR 90.0m and Net profit of 29.6m was achieved by the Group in 2024.

In 2024, Fitch Ratings upgraded the Group’s credit rating from «-B» to «B» with stable outlook, reflecting consistent profitability and operational quality.The proceeds from the additional bond issue will be directed towards financing of general corporate purposes.

Additional information:

https://signetbank.com/wp-content/uploads/2025/02/250218-Eleving-teaser-EN.pdf

Term Sheet

Issuer

Eleving Group S.A. (Luxemburg)

Security type

Senior Secured Eurobonds

ISIN

DE000A3LL7M4

Guarantees and Pledges

Corporate guarantees from all Material Group Companies and pledges over receivables from selected Group companies

Current outstanding issue size

EUR 50,000,000

Tap size

Up to EUR 50,000,000

Coupon rate, frequency

13%, fixed, paid quarterly

Issue price

109%

Yield-to-Maturity

10.00%

Remaining Maturity

3.6 years (31.10.2028)

Principal repayment

Maturity date, bullet

Call Option

• Until 31.10.2026 – No call
• From 31.10.2026 up to 31.10.2027 – @101%
• From 31.10.2027 until maturity – @100%

Put Option

Change of Control – @101%

Nominal value

EUR 100

Minimum subscription

EUR 1,000

Listing

Listing on Nasdaq Riga Regulated Market and Frankfurt Stock Exchange Regulated market

Use of proceeds

Financing general corporate purposes

Covenants2

• Capitalization Ratio min 15.0%
• Interest Coverage Ratio min 1.25x
• Net Leverage Ratio max 6.00x

Lead Manager

Signet Bank (Latvia)

Sales agents

LHV Bank (Estonia), Redgate Capital (Estonia), Evernord FMI (Lithuania), Bankhaus Scheich (DE)

Where to invest?