Eleving Group prices €200 million bond at 9% as it refinances more expensive debt

Latvia-headquartered Eleving Group has priced a new €200 million senior secured bond issue at par with a fixed 9% annual coupon, with investor demand close to 1.5 times the amount offered.

The size of the transaction is substantial, but it should not be read as €200 million of new capital for expansion.

Eleving says the proceeds will primarily be used to refinance its €90 million bond issue maturing in 2028, repay part of its liabilities on the Mintos investment platform and support further development of the loan portfolio.

The refinancing is also changing the price of part of the group’s debt.

The outstanding 2023–2028 bonds carry a 13% annual coupon. When Eleving expanded that issue in early 2025, the new bonds were sold at 109% of nominal value, producing an expected yield to maturity of around 10%. The new €200 million issue has now been priced with a 9% coupon.

If the €90 million 2028 issue is fully refinanced, the difference between the old 13% coupon and the new 9% coupon corresponds to around €3.6 million a year in gross coupon payments on that portion of debt. This is only a simplified comparison: the overall funding effect will also depend on the terms of the new bonds, refinancing of Mintos liabilities and other transaction costs.

Eleving had already carried out a major refinancing in 2025, when it issued €275 million of bonds at 9.5%, replacing its previous 2026 Eurobond and using part of the proceeds to reduce Mintos funding. At the end of 2025, the group reported a weighted average funding cost of 9.1%.

As of June 2026, Eleving reported a €522.2 million net loan portfolio, compared with €446.3 million at the end of 2025.

The group plans an exchange offer for up to €25 million of the existing 2028 bonds, expected to run from around October 6 to October 20, subject to regulatory approval. The new bonds are expected to be admitted to trading in Frankfurt and on Nasdaq Riga around October 20.

The main signal is therefore not simply the size of the issue. Eleving is using a large refinancing transaction to replace part of the expensive debt raised during a very different interest-rate environment, while keeping access to international capital markets for further portfolio growth.