Eleving Group has announced a public exchange offer for its outstanding 2023/2028 bonds (ISIN DE000A3LL7M4), inviting holders to swap their existing bonds for 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 up to EUR 25 million is reserved for the exchange. Simultaneously, Eleving Group has issued a conditional notice of early voluntary redemption for any 2023/2028 bonds not exchanged, with redemption expected on or around 2 November 2026 at 101% of nominal value. The exchange offer period runs from 6 October 2026 to 20 October 2026, and settlement is anticipated on or around 26 October 2026.
This move is significant for bondholders and the company alike. 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 interest up to the settlement date will be paid in cash. The new bonds extend maturity by four years and offer a 9% coupon, reflecting current market conditions and Eleving Group's funding strategy. The early redemption of non-exchanged bonds at 101% provides an exit for holders who prefer not to participate. The new bonds are expected to be listed on the Frankfurt Stock Exchange (General Standard) and Nasdaq Riga Baltic Regulated Market around 20 October 2026, enhancing liquidity and investor access.
Eleving Group, a fintech operating in 18 countries with over 2.2 million users, aims to optimize its debt profile through this refinancing. The exchange offer and redemption are part of a broader effort to manage liabilities and support growth. The company has published a prospectus approved by the CSSF, available on its website at www.eleving.com, along with the Eleving Group Bond Issue and Exchange Offer Prospectus and Eleving Group Bond Terms and Conditions. Detailed instructions for the exchange are provided in the Eleving Group Exchange Offer Invitation and Eleving Group Addendum Exchange Offer Invitation. The Eleving Group Early Redemption Notice outlines the conditions for non-exchanged bonds.
Investors should note that custodian banks may set earlier internal deadlines for submitting exchange instructions. Once submitted, existing bonds are blocked from trading; non-exchanged bonds remain tradable until redemption. The outcome will depend on participation, with final allocation determined after the offer period. This refinancing could affect Eleving Group's interest expenses and financial flexibility, while bondholders must weigh the 9% coupon and extended maturity against the 101% early redemption. An investor call is scheduled for 14 October 2026, with registration available here. The original release can be viewed on www.newmediawire.com.
