World Acceptance talks $300 million five-year notes at 7% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., Sept. 22 – World Acceptance Corp. talked its $300 million offering of five-year senior notes (B3) to yield in the 7% area, according to market sources.

Official talk comes in the middle of initial guidance in the high-6% to low-7% area.

The deal is set to price on Wednesday.

Wells Fargo Securities LLC is the left bookrunner. Keefe Bruyette & Woods Inc. is the joint bookrunner. BMO Capital Markets Corp. is the co-manager.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon.

The Greenville, S.C.-based consumer finance company plans to use the proceeds to pay down its ABL revolver due 2024.

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