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Mogo Lowers Interest Rate and Extends Credit Facility
Mogo Lowers Interest Rate and Extends Credit Facility Canada NewsWire VANCOUVER,...
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[{"type":"text","content":"\n\n\n\nMogo Lowers Interest Rate and Extends Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 2, 2020\n\n\n\nVANCOUVER, Jan. 2, 2020 /CNW/ - 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. \nThe full terms of the amended and restated Credit Facility – Other will be filed on www.sedar.com. \nAbout Mogo\nMogo — 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 to be the #1 source of stress across all demographics and highest among millennials. At Mogo, users can sign up for a free account in only three minutes and begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one account. With more than 925,000 members and a marketing partnership with Canada's largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).\n View original content:http://www.prnewswire.com/news-releases/mogo-lowers-interest-rate-and-extends-credit-facility-300980438.html\nSOURCE Mogo In...