---
schema_version: "secwatch.filing_event.v1"
accession: "0001808834-26-000002"
form_type: "8-K"
ticker: "PRG"
cik: "0001808834"
company_name: "PROG Holdings, Inc."
filed_at: "2026-01-02T23:59:59+00:00"
generated_at: "2026-05-16T11:49:26.942925+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# PROG Holdings closes $420M cash acquisition of Purchasing Power; $125M term loan added

## Summary
- Acquired Purchasing Power for $420M cash, funded via $125M incremental term loan, $135M revolver borrowings, and cash on hand.
- Purchasing Power adds over 360 employer partnerships and access to 7M employees for voluntary benefit payroll-deduction products.
- Existing non-recourse securitization and warehouse debt of ~$330M remains in place at the acquired entity.
- Fourth Amendment to credit agreement: max total net leverage ratio set at 3.25x for FY2026, 3.00x for FY2027, then 2.50x.
- Pricing on SOFR loans updated to margin range of 1.50%-2.75%; commitment fees on unused revolver set at 0.25%-0.50%.

## SEC filing metadata
- accession: 0001808834-26-000002
- form_type: 8-K
- ticker: PRG
- cik: 0001808834
- company_name: PROG Holdings, Inc.
- filed_at: 2026-01-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1808834/000180883426000002/0001808834-26-000002-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1808834/000180883426000002/prg-20260102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001808834-26-000002
- JSON: https://secwatch.observer/filing/0001808834-26-000002.json
- Plain text: https://secwatch.observer/filing/0001808834-26-000002.txt

## Source-grounded claims
- claim_id: bba50e1039d2dce0d5dcd16371668a45fdb38de0
  claim: PROG Holdings, Inc. incurred term loan of $125 million incremental term loan with JPMorgan Chase Bank, N.A. at SOFR plus a margin within the range of 1.50% to 2.75% maturing November 15, 2029.
  evidence_excerpt: The Fourth Amendment provides for, among other things, the incurrence by the Company of a $125 million incremental term loan (the "Term Loan"),
  evidence_url: https://www.sec.gov/Archives/edgar/data/1808834/000180883426000002/0001808834-26-000002-index.htm
- claim_id: 6d564867fda1b68347935fadb36c9d56434acb7b
  claim: PROG Holdings, Inc. completed an acquisition involving Purchasing Power Parent, LLC for approximately $420 million in cash (closed 2026-01-02).
  evidence_excerpt: Current Report on Form 8-K is incorporated into this Item 2.01 by reference. The aggregate consideration paid by the Purchaser to the Seller at the closing was approximately $420 million in cash, subject to customary adjustments. In addition, the Acquired Entity has approximately $330 million of non-recourse funding debt under its securitization and warehouse
  evidence_url: https://www.sec.gov/Archives/edgar/data/1808834/000180883426000002/0001808834-26-000002-index.htm
- claim_id: 9b2b1a84f83c653444c4c8a5a79534146eda8c23
  claim: PROG Holdings, Inc. amended Fourth Amendment with JPMorgan Chase Bank, N.A, as administrative agent valued at $125 million incremental term loan (effective 2026-01-02).
  evidence_excerpt: On January 2, 2026, the Company entered into a fourth amendment (the "Fourth Amendment") to that certain credit agreement, dated November 24, 2020, by and among Progressive Finance Holdings, LLC, as borrower, the Company and certain subsidiaries of the Company, as guarantors, the several banks and other financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A, as administrative agent (as amended, the "Credit Agreement").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1808834/000180883426000002/0001808834-26-000002-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.