CURO Group misses $37.5M in interest payments, enters forbearance agreements until March 18

CURO Group Holdings Corp.

Missed $25.6M interest payment on 7.500% 1.5L Notes and $11.9M on 7.500% 2.0L Notes on Feb 1, 2024.
Entered forbearance with holders of ~84% of 1.5L Notes and ~74% of 2.0L Notes; forbearance through March 18, 2024.
Obtained waiver from lenders holding >80% of term loans under 1.0L Credit Agreement for cross-default and liquidity covenants.
Company does not expect to cure interest payments within grace periods; event of default anticipated upon expiration.
Discussions with lenders and stakeholders for a comprehensive financial restructuring remain ongoing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CURO Group Holdings Corp. entered into 1.5L Notes Forbearance Agreement with certain beneficial owners of approximately 84% of the outstanding aggregate principal amount of 1.5L Notes (effective 2024-03-01).

Action: entry
Counterparty: certain beneficial owners of approximately 84% of the outstanding aggregate principal amount of 1.5L Notes
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, the Company entered into a Forbearance Agreement (the “1.5L Notes Forbearance Agreement”) with certain beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) (the “1.5L Forbearing Noteholders”) of approximately 84% of the outstanding aggregate principal amount of 1.5L Notes.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CURO Group Holdings Corp. entered into 2.0L Notes Forbearance Agreement with certain beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) (effective 2024-03-01).

Action: entry
Counterparty: certain beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners)
Effective: 2024-03-01

Exact text from the filing

Also on March 1, 2024, the Company entered into a Forbearance Agreement (the “2.0L Notes Forbearance Agreement”) with certain beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) (the “2

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737 material agreements filed in the last 30 days. Browse all material agreements →

Source: SEC EDGAR

accession 0001711291-24-000021

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