CURO Group Holdings Corp. Closes Two Non-Recourse Facilities And Flexiti Escrow

Author: Benzinga Newsdesk | November 07, 2023 06:50pm

CURO Group Holdings Corp. (NYSE:CURO) ("CURO"), an omni-channel consumer finance company serving consumers in the U.S. and Canada, today announced that on November 3, 2023, Heights Financing II, LLC, an indirect wholly-owned subsidiary of CURO, entered into a new $140 million asset-backed warehouse facility to finance future loans originated by Heights Finance and affiliated entities. The capacity of this facility may be increased to $175 million upon satisfaction of certain conditions following the closing date.

Also, on November 6, 2023, CURO Canada Receivables II Limited Partnership, an indirect wholly-owned subsidiary of CURO, entered into an amendment to its existing Canadian revolving credit facility to increase the commitments of the lenders thereof by C$40 million to finance future loans originated in Canada, thereby increasing the borrowing capacity to C$150 million.

"With the closing of these facilities, we have continued to demonstrate our ability to access capital needed to grow our business," said Doug Clark, Chief Executive Officer of CURO. "These new facilities will allow us to prudently fund future growth in our U.S. and Canadian portfolios and extend credit to meet customer demand."

In addition, on October 30, 2023, CURO received the final closing date Flexiti tangible book value and agreed to the closing date unrestricted cash amounts totaling approximately C$27 million from Questrade, as part of the purchase price which was in the range previously disclosed. No adjustments to the proceeds or loss on sale of Flexiti calculation were required.

Posted In: CURO