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 18 countries across three continents, providing broad diversification and eliminating single market risk.

The Group’s main business segments are vehicle finance, device finance and consumer finance. Asset-backed financing makes up 57% of the Group’s net loan portfolio (vehicle finance 52% and device finance 5%), highlighting that the majority of loans are secured.

In 2024, Group raised EUR 29m in the largest IPO in Nasdaq Riga history. Current market capitalization of the Group is EUR 200m.

The Group’s EBITDA was EUR 62.6m in 2026 6M, an increase of 38.2% compared to the corresponding reporting period a year ago.

The total net profit before discontinued operations in the first six months of 2026 reached EUR 16.5m. Fitch Ratings has assigned the Group a «B» credit rating with a positive outlook, reflecting its consistent profitability and strong operational performance.

Additional information: https://signetbank.com/wp-content/uploads/2026/10/Eleving-teaser-EN.pdf

Presentation: https://signetbank.com/wp-content/uploads/2026/10/Eleving-Group-Bond-Investor-Presentation-2026-Netroadshow.pdf

Term Sheet

Issuer

Eleving Group S.A. (Luxembourg)

Security type

Senior Secured Eurobonds

ISIN

XS3517354141

Offer type

Private Placement

Guarantees and pledges

Corporate guarantees from Guarantors and pledges over receivables and shares of Pledgors [1]

Issue size

Up to EUR 200,000,000

Coupon rate, frequency

[•]%, fixed, paid quarterly

Maturity

6 years ([•].10.2032)

Principal repayment

Maturity date, bullet

Call Option

– Until 01.10.2028 – Make Whole Amount
– From 01.10.2028 up to 01.10.2029 – @(100% + 0.5 * (Coupon rate))
– From 01.10.2029 up to 01.10.2031 – @101%
– From 01.10.2031 up to maturity – @100%

Put Option

Change of Control – @101%

Nominal value

EUR 100

Minimum subscription

EUR 100,000

Listing

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

Use of proceeds

– Refinancing of existing liabilities
– General corporate purposes

Maintenance covenants [2]

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

Incurrence covenants [2]

– Capitalization Ratio min 20.0%
– Interest Coverage Ratio min 1.75x
– Net Leverage Ratio max 5.00x

Joint Bookrunners

Gottex Group SA (Switzerland), BCP Securities Inc (USA), Signet Bank AS (Latvia)

[1] Full list of Guarantors and Pledgors can be found in the Offering Memorandum

[2] Full list of covenants can be found in the Offering Memorandum

Where to invest?