CURO seeks waiver, grace period extension under 7˝% notes due 2028

By Marisa Wong

Los Angeles, Feb. 5 – CURO Group Holdings Corp. announced it is soliciting consents from holders of its $682,298,000 outstanding 7˝% senior 1.5-lien secured notes due 2028 (Cusip: 23131LAE7, U12727AD2), according to a Monday press release.

The purpose of the consent solicitation is to obtain the consent of the holders to (a) waive the potential default under the notes’ indenture arising from the company’s potential failure to maintain liquidity equal to or greater than $75 million as of Jan. 31; and (b) extend the grace period for an interest payment default under the indenture to 30 days, which would include the existing default that has occurred under section 7.01(a) of the indenture as a result of the company’s failure to make the interest payment due on Feb. 1.

The consent solicitation will expire at 5 p.m. ET on Feb. 7.

If holders of a majority in aggregate principal amount of notes outstanding deliver consents to the proposed waiver and amendment, and all other conditions have been satisfied or waived prior to the expiration time, the company, the guarantors and the trustee will execute a supplemental indenture effecting the proposed waiver and amendment.

Consents may be revoked at any time prior to the consent effective time but may not be revoked at any time after the consent effective time, even if the expiration date is later than the consent effective time.

Holders who deliver their consents will not be entitled to any consent payment, the company noted.

U.S. Bank Trust Co., NA is the trustee and collateral agent.

Epiq Corporate Restructuring, LLC (646 362-6336; tabulation@epiqglobal.com) is the information agent and tabulation agent.

CURO is a consumer finance company based in Chicago.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.