Elevate Announces Pricing of Initial Public Offering

FORT WORTH, Texas--()--Elevate Credit, Inc. (“Elevate” or the “Company”) today announced the pricing of its initial public offering of 12,400,000 shares of common stock at a price to the public of $6.50 per share. In addition, Elevate has granted the underwriters a 30-day option to purchase up to an additional 1,860,000 shares. The Company’s stock is expected to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “ELVT” on Thursday, April 6, 2017. The offering is expected to close on April 11, 2017, subject to customary closing conditions. Net proceeds to the Company, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $69 million, or $81 million if the underwriters’ option to purchase additional shares is exercised in full. The Company will use approximately $15 million of the net proceeds to repay a portion of the outstanding amount under its convertible term notes, approximately $53 million of the net proceeds to repay a portion of the outstanding amount under its financing agreement and the remainder, if any, for general corporate purposes, including to fund a portion of the loans made to its customers. Victory Park Capital, one of the Company’s lenders, has agreed to acquire 2.3 million shares in the offering at the public offering price.

UBS Securities LLC, Credit Suisse Securities (USA) LLC, and Jefferies LLC are acting as joint book-running managers and as representatives of the underwriters for the offering. Stifel, Nicolaus & Company, Incorporated and William Blair & Company L.L.C. are also acting as joint book-running managers for the offering.

This offering will be made only by means of a prospectus. A copy of the prospectus related to the offering may be obtained from: UBS Investment Bank c/o Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by calling 1-888-827-7275; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at +1 (800) 221-1037, or by email at newyork.prospectus@credit-suisse.com; or Jefferies LLC, 520 Madison Ave., 2nd Floor, New York, NY 10022, phone: 877-547-6340, email: prospectus_department@jefferies.com.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under securities laws of any such state or jurisdiction.

ABOUT ELEVATE

Elevate (NYSE: ELVT) has originated $4 billion in nonprime credit to more than 1.6 million consumers to date. Its innovative online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The Company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of credit products includes RISE, Sunny and Elastic. For more information, please visit http://www.elevate.com.

Contacts

Investor Relations:
Solebury Communications
Sloan Bohlen, 817-928-1646
investors@elevate.com
or
Media:
Vested
Ishviene Arora, 917-765-8720
elevate@fullyvested.com

Release Summary

ELEVATE ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING

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Contacts

Investor Relations:
Solebury Communications
Sloan Bohlen, 817-928-1646
investors@elevate.com
or
Media:
Vested
Ishviene Arora, 917-765-8720
elevate@fullyvested.com