Mogo Lowers Interest Rate and Extends Credit Facility
Mogo Inc. - Common Shares (MOGO)
Company Research
Source: PR Newswire
VANCOUVER, Jan. 2, 2020 /PRNewswire/ - 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 – Other") with funds managed by affiliates of Fortress Investment Group LLC ("Fortress"). The amendments lower the effective interest rate from a maximum of LIBOR plus 12.5%, with a LIBOR floor of 2% to LIBOR plus 9%, with a LIBOR floor of 1.5%, effective July 2, 2020. In addition, the amendment increases the available loan capital from $50 million to $60 million and extends the maturity date of the facility by two years from July 2, 2020 to July 2, 2022. The full terms of the amended and restated Credit Facility – Other will be filed on www.sedar.com. About MogoMogo — a financial technology company — offers a finance app that empowers consumers with simple solutions to help them get in control of their financial health. Financial health continues
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