CURO Group Holdings Corp. priced and upsized its previously announced offering of senior secured notes due 2025 in a private placement to qualified institutional buyers and to non-U.S. persons.
The company is now offering $690 million aggregate principal amount of the notes, from $675 million.
The notes will bear interest at a rate of 8.250% per annum, payable semi-annually on March 1 and Sept. 1 of each year. They will mature Sept. 1, 2025, unless earlier redeemed or repurchased, and will be secured by liens on substantially all of the company's and guarantors' assets, subject to certain exceptions and permitted liens.
The offering is expected to close Aug. 27.
Net proceeds will be used, together with available cash, to redeem the outstanding 12.000% senior secured notes due 2022 of the company's wholly owned subsidiary, CURO Financial Technologies Corp. and to repay the outstanding indebtedness under CURO Receivables Finance I LLC, which is also the company's subsidiary and five-year revolving credit facility consisting of a term loan and revolving borrowing capacity. Additionally, the proceeds will be used for general corporate purposes and to pay fees, expenses, premiums and any accrued interest.