hmmm Mogo’s balance sheet has a lot of high-interest debt (especially in relation to its cash-negative operations), but they are slightly further back in maturity dates than the debenture’s June 6, 2020 maturity. In particular, they have (secured debt) $46.6 million outstanding due July 2, 2020 (with an interest rate of LIBOR+12.5%!) and $31.9 million due August 31, 2020 (LIBOR+8.00%).
These ridiculously high premiums over LIBOR should give an investor an idea as to what risk the banks are (thinking they are) taking in this firm, so at the very minimum, an investor should demand a higher rate of return on unsecured debt.