CURO Completes Acquisition of First Heritage Credit and Adds Financing Capacity

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WICHITA, Kan.–(BUSINESS WIRE)–CURO Group Holdings Corp. (NYSE: CURO) (“CURO”), a technology-enabled omnichannel consumer finance company serving non-prime and prime consumers in the United States and Canada, today announced that it has completed its previously announced acquisition of First Heritage Credit (“FHC”), a consumer lender that offers premium quality installment loans along with standard opt-in insurance and other financial products based in Ridgeland, Mississippi for a total purchase price of $140 million Cashier.

“The completion of this transaction, along with the recent sale of our US direct lending business, represents the successful completion of the transformation of our US direct lending business into a premier installment lender offering larger credit,” said Don Gayhardt, Chief Executive Officer of CURO. “As we look to the future, we are excited about opportunities to strategically shift toward providing longer-term lending products with better balance and lower interest rates that will simplify and enhance the predictability of our business results, while enhancing and expanding access to lower-cost debt capital.”

Concurrent with the closing of the acquisition, CURO and its subsidiaries entered into a new $225 million non-recourse revolving warehouse facility to replace FHC’s existing lender and to fund future loans made by FHC. This new two-year facility will help accelerate FHC’s loan growth.

Advisor

King & Spalding LLP acted as legal counsel to CURO on the acquisition. Stephens Inc. acted as financial advisor and Butler Snow LLP acted as legal advisor to FHC on the sale.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements include statements regarding projections, estimates and assumptions about the impact of the transactions on us, including our belief that the transformation will simplify and improve the predictability of our business results while enhancing and expanding access to lower-cost outside capital. In addition, words such as “future”, “opportunity”, “will” and variations of such words and similar expressions are intended to identify forward-looking statements. The ability to make these forward-looking statements is based on certain assumptions, judgments and other factors, both within and outside of our control, that could cause actual results to differ materially from those in the forward-looking statements, including: the anticipated benefits of the proposed transactions; risks related to the uncertainty of projected financial information; the impact of competition on the Company’s future business; our ability to attract and retain customers; market, financial, political and legal conditions; the impact of the COVID-19 pandemic or other global events on the Company’s business and the global economy; our dependence on third party lenders to provide the cash we need to fund our debt and our ability to access third party financing inexpensively; errors in our internal forecasts; our leverage; our ability to integrate acquired businesses; actions by regulators and the adverse impact of those actions on our business; our ability to protect our proprietary technology and analytics and to compete with those of our competitors; disruption to our information technology systems adversely affecting our business operations; ineffective pricing of the credit risk of our prospective or existing customers; inaccurate information from customers or third parties that could lead to errors in assessing the eligibility of customers for lending; improper disclosure of customer personal information; failure of third parties to provide products, services or support to us; any failure of third party lenders on which we rely to conduct business in certain jurisdictions; disruption in our relationships with banks and other third-party electronic payment providers; and other factors discussed in our filings with the Securities and Exchange Commission. These forecasts, estimates and assumptions may prove to be inaccurate in the future. These forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict as to their timing, magnitude, likelihood and degree of occurrence. There may be additional risks that we are currently unaware of or that we currently believe are immaterial, which could also cause actual results to differ from those contained in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictions of actual future results. We undertake no obligation to update, change or clarify any forward-looking statements for any reason.

About CURO

CURO Group Holdings Corp. (NYSE: CURO) is a full-spectrum consumer lender serving clients in the United States and Canada for over 25 years. Our roots in the consumer finance market run deep. We have worked diligently to offer our customers a variety of convenient, easily accessible financial services. Our decades of alternative data power a hard-to-replicate underwriting and scoring engine that mitigates risk across the spectrum of credit products. We operate a number of brands including Cash Money®, LendDirect®, Flexiti®, Opt+®, Revolve Finance®, Heights Finance, Southern Finance, Covington Credit, Quick Credit, First Phase and First Heritage Credit.

Via First Heritage Credit

Headquartered in Ridgeland, Mississippi, and with offices and offices in the states of Alabama, Louisiana, Mississippi, South Carolina and Tennessee, First Heritage Credit offers short and long-term personal loans designed to provide its customers with a convenient and reliable source for extra money if they need it.

Visit https://www.1stheritagecredit.com/ for more information.

(CURO-NWS)

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