Eleving Group bond issue

About company

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 almost 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 201m.

The Group’s EBITDA was EUR 45.3m in 2025 6M, an increase of 3.9% compared to the corresponding reporting period a year ago.

The total net profit before discontinued operations in the first six months of 2025 reached EUR 15.2m.

Fitch Ratings has upgraded the Group’s credit rating from «B» with a stable outlook to «B» with a positive outlook, reflecting consistent profitability and operational quality.

Presentation

Teaser

Term Sheet

Issuer

Eleving Group S.A. (Luxembourg)

Security type

Senior Secured Eurobonds

ISIN

XS3167361651

Offer type

Public offer in Baltics, Luxembourg and Germany, institutional offer outside

Guarantees and pledges

Corporate guarantees from Guarantors and pledges over receivables and shares of Pledgors

Issue size

EUR 250,000,000

Coupon rate, frequency

9.5-10.75%, fixed, paid semi-annually

Maturity

5 years (24.10.2030)

Principal repayment

Maturity date, bullet

Call Option

• Until 24.10.2027 – Make Whole Amount
• From 24.10.2027 up to 24.10.2028 – @104.75%
• From 24.10.2028 up to 01.10.2029 – @102.375%
• From 01.10.2029 up to maturity – @100%

Put Option

Change of Control – @101%

Nominal Value

EUR 1,000

Minimum subscription

EUR 1,000

Listing

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

Use of proceeds

• Refinancing of existing bonds
• General corporate purposes

Covenants

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

Lead Manager

DNB Carnegie (Sweden)

Joint Managers

Gottex Brokers (Switzerland), BCP Securities (USA), Signet Bank (Latvia)

Exchange Offer

Public exchange offer addressed to the holders of the EUR 150,000,000, 9.50% senior secured bonds with ISIN number XS2393240887 (maturity 18 Oct 2026) at an exchange ratio of 1:1

Where to invest?