WICHITA, Kan.--(BUSINESS WIRE)--CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”) announced today that, subject to market and other conditions, it intends to offer $675 million aggregate principal amount of its senior secured notes due 2025 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act.
The interest rate and other terms will be determined at the time of pricing of the offering. The notes will be secured by liens on substantially all of the Company’s and the guarantors’ assets, subject to certain exceptions and permitted liens.
The net proceeds from the sale of the notes will be used, together with available cash, to (i) redeem the outstanding 12.000% senior secured notes due 2022 of the Company’s wholly owned subsidiary, CURO Financial Technologies Corp., (ii) repay the outstanding indebtedness under the CURO Receivables Finance I, LLC, the Company’s wholly owned subsidiary, five-year revolving credit facility consisting of a term loan and revolving borrowing capacity and (iii) pay fees, expenses, premiums and accrued interest in connection therewith.
The notes have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, nor will there be any sale of notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
CURO (NYSE: CURO), operating in three countries and powered by its fully integrated technology platform, is a market leader by revenues in providing short-term credit to underbanked consumers. In 1997, the Company was founded in Riverside, California by three Wichita, Kansas childhood friends to meet the growing consumer need for short-term loans. Their success led to opening stores across the United States, and expanding to offer online loans and financial services across three countries. Today, CURO combines its market expertise with a fully integrated technology platform, omni-channel approach and advanced credit decisioning to provide an array of short-term credit products across all mediums. CURO operates under a number of brands including Speedy Cash, Rapid Cash, Cash Money, LendDirect, Avio Credit, WageDayAdvance, Juo Loans, and Opt+. With over 20 years of operating experience, CURO provides financial freedom to the underbanked.
To the extent that statements contained in this press release are not descriptions of historical facts regarding CURO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause CURO’s actual results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the timing and size of the offering, the conditions affecting the capital markets, general economic, industry, or political conditions, and the satisfaction of customary closing conditions related to the proposed offering. CURO undertakes no obligation to update or revise any forward-looking statements.