Mogo Expands Credit Facility and Lowers Interest Rate
12/17/2021 - 07:30 AM
VANCOUVER, British Columbia --(BUSINESS WIRE)--
Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (“Mogo” or the “Company”), one of Canada’s leading financial technology companies, today announced amendments to its existing senior credit facility (“Credit Facility”) with funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). The amendments lower the effective interest rate from a maximum of 9% plus LIBOR with a LIBOR floor of 1.5% , to 8% plus LIBOR with no floor. In addition, the amendment increases the available loan capital from $50 million $60 million July 2, 2022 to July 2, 2025 .
The full terms of the amended and restated Credit Facility will be filed on www.sedar.com www.sec.gov .
About Mogo
Mogo is empowering its close to 1.8 million members with simple digital solutions to improve their finances. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card, the only card of its kind in Canada . The MogoCard makes it easy to enjoy spending control while doing good for the planet by planting a tree for every purchase. The Mogo app also enables you to easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection, and access personal loans. Mogo’s wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe , North America and APAC, while Mogo’s wholly-owned subsidiary Moka is bringing automated, fully-managed flat-fee investing to Canadians from coast to coast. To learn more, please visit mogo.ca or download the mobile app (iOS or Android ).
View source version on businesswire.com : https://www.businesswire.com/news/home/20211217005233/en/
Craig Armitage
craiga@mogo.ca
US Investor Relations Contact
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
shamsian@lythampartners.com
Source: Mogo
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MOGO Stock Data
Industry
Securities and Commodity Exchanges
Sector
Finance and Insurance
Tags
Finance, Finance/Rental/Leasing, Finance and Insurance, Securities and Commodity Exchanges
Country
Canada
City
Vancouver
About MOGO
mogo is a different kind of finance company. with canadians currently carrying record levels of debt, we’re here to help consumers push back. our goal is to save canadians $1 billion with our mogo card and range of mogo money loans. we don’t want you to spend more so we can make more money from your bad decisions. mogo wants you to spend smarter. that could mean spending less or it could simply mean borrowing money in different ways. we have a full range of personal loans to meet your financial needs, whatever they might be, including our recently introduced installment loan product mogoliquid. on signing up for a mogo account you have access to a range of mogo perks including a free prepaid visa card, free credit score and access to treats and events. check out our website mogo.ca for more information about what we offer and our latest blog posts on how to do more spend less. we’re based in vancouver, bc and are always looking for great talent. if you would like to join the te
