CURO Group Holdings Corp.: debt financing — CURO closes $150M term loan at 18% interest and exchanges $682M existing notes for new 1.5 lien notes

CURO Group Holdings Corp.

Entered $150M First Lien Credit Agreement with 18% interest, maturing Aug 2027; proceeds used to repay prior credit facility.
Exchanged $682.3M (68.2%) of existing 7.5% Senior Secured Notes for new 7.5% Senior 1.5 Lien Secured Notes due 2028.
Canada SPV Facility provides C$110M initial borrowing capacity, secured by receivables, maturity 2025.
Maintain minimum liquidity of $75M until Sep 2024, then $60M; minimum adjusted pre-tax income required.
Amendments to other SPV credit facilities remove need for prior waivers on financial covenants.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CURO Group Holdings Corp. incurred term loan of $150,000,000 with the Holders, as lenders at 18.00% per annum maturing August 2, 2027.

Instrument: term loan
Principal: $150,000,000
Counterparty: the Holders, as lenders
Rate: 18.00% per annum
Maturity: August 2, 2027
Event: incurrence

Exact text from the filing

the Lenders have made credit extensions of $150,000,000 in the form of Term Loans to the Company, subject to the terms and conditions of the Credit Agreement.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CURO Group Holdings Corp. incurred senior notes of $16,380,000 with certain Holders at 18.00% per annum maturing the date on which the Term Loans mature.

Instrument: senior notes
Principal: $16,380,000
Counterparty: certain Holders
Rate: 18.00% per annum
Maturity: the date on which the Term Loans mature
Event: incurrence

Exact text from the filing

bankruptcy and insolvency. Of the $150,000,000 aggregate principal amount of Term Loans provided under the Credit Agreement, a portion equal to an aggregate principal amount of $16,380,000 was funded by Curo SPV, LLC (the “CURO SPV”), a wholly-owned special purpose vehicle of the Company (the “SPV Loans”), using proceeds from a concurrent private placement issuance

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Source: SEC EDGAR

accession 0001104659-23-061433

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