Hamburg-based NAGA Group (XETRA: N4G) has taken out a loan from an unnamed institutional inverter with a 12-month term to repay its convertible bond investors partially. The company raised $8.2 million in convertible bonds, with an 11 percent coupon, last April and has now negotiated the terms.

NAGA Renegotiated Terms of Convertible Bonds

The announcement yesterday (Tuesday) came before the maturity of the convertible bonds on October 30. With the amended term, the company will partially repay $6 million at the end of this month and the remaining about $2.7 million with interest on January 30, 2024.

The German company further highlighted that none of the convertible bond holders exercised the conversion rights, indicating that NAGA is ensuring the non-dilution of its shares.

Expansion Continues

NAGA is known for offering copy trading services but has expanded extensively in other areas. It operates as a brokerage with licenses from the regulators in Cyprus and Seychelles, apart from its original German license. The company also obtained an Estonian crypto license last year and operates a crypto exchange.

The company further revealed that its white-label product offering is fully operational. An online brokerage from Kuwait has tapped the white-label service, which is yet to be launched. The partnership indicates the company’s ambitions to penetrate the Middle Eastern market with the new SaaS product, which will generate platform fees as well as transaction-based and volume-driven income.

Furthermore, NAGA developed a ‘communities’ feature targeted to super-influencers, trading educators, and partners, allowing them to promote their services on the NAGA platform.

“With the NAGA communities feature, Influencers can utilize all our social media features, which are instantly connected with the trading platform, and run their very own community branded as their own platform,” said Benjamin Bilski, Founder and CIO at NAGA. “This will drive more personalized engagement and identification of the community as a whole.”

NAGA recently revealed that it generated €28.4 million in revenue from its brokerage business in the first nine months of 2023. Its preliminary EBITDA for the period also stood at €4.2 million, at a ratio of around 15 percent.

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