The key difference is a shift in ownership. With the Notes, you own a security issued by a Mintos entity (SIA Mintos Finance No. 50) that is backed by a bond. With the bonds, you directly own a piece of the actual bond issued by Eleving Group.
Two practical differences are worth noting:
• Listing and liquidity. The bonds are already listed and traded on the Frankfurt Stock Exchange and Nasdaq Riga. This reduces liquidity risk compared with an unlisted instrument, though an active secondary market is not guaranteed at any given time.
• Market pricing. Because the bonds are exchange-traded, their market value can move. If the bonds trade at a discount on the settlement date, the value of what you receive may be below the face value of your Notes. No cash adjustment is made for any such difference.