World Acceptance postpones $250 million five-year notes offering, will await more favorable terms

By Paul A. Harris

Portland, Ore., May 15 – World Acceptance Corp. postponed its $250 million offering of five-year senior notes (B2/B), according to a Friday press release from the company.

The deal had been in the market with price talk in the 9% area, according to an informed source.

“While we are interested in diversifying our capital structure in order to maintain long-term flexibility, we can afford to be patient, as this offering was opportunistic in nature,” Sandy McLean, the company’s chief executive officer, stated in the release.

“While a transaction could have been completed, we believe that the terms could be more favorable in the future, and we will potentially revisit an offering as appropriate,” McLean added.

Wells Fargo Securities LLC was the left bookrunner. BMO Securities is the joint bookrunner.

The Greenville, S.C.-based consumer finance company plans to use the proceeds to repay debt under its revolving credit facility.

World Acceptance provides lending solutions to individuals with limited access to credit in the United States and Mexico.

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