secwatch.observer — SEC 8-K summary
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Issuer:     WORLD ACCEPTANCE CORP (WRLD)
CIK:        0000108385
Form:       8-K
Filed at:   2022-11-23T23:59:59+00:00
Accession:  0000108385-22-000047
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

World Acceptance amends credit facility: advance rate cut to 62%, dividend restricted
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- Advance rate lowered from 74% to 62% for Oct 2022–Jun 2023 when collateral performance exceeds 24%.
- Fixed charge coverage ratio reduced to as low as 1.15x for Q1–Q2 FY2023, then steps back up to 2.75x.
- Dividends and stock repurchases prohibited unless trailing four-quarter fixed charge coverage ≥2.0x.
- Total debt as % of adjusted net worth capped at 250% for Q4 FY2022, 225% for Q1–Q2 FY2023, then 250%.
- Amendment fee of $685,000 paid to lenders; collateral performance must stay ≤28% through Jun 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108385/000010838522000047/0000108385-22-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108385/000010838522000047/wrld-20221123.htm
  HTML page:      https://secwatch.observer/filing/0000108385-22-000047

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