Atlanticus begins tender offer for up to $100 million convertibles

By Angela McDaniels

Tacoma, Wash., June 23 – Atlanticus Holdings Corp. began a modified Dutch auction tender offer for up to $100 million principal amount of its $139.5 million outstanding 5.875% convertible senior notes due 2035, according to a company news release.

Atlanticus is offering to purchase the notes at a price (in multiples of $0.50 per $1,000 principal amount) not greater than $360 or less than $300 per $1,000 principal amount. The company will select the lowest purchase price that will allow it to purchase up to $100 million principal amount of the notes.

If $75 million or more in principal amount of the notes is tendered, the purchase price will be $420 per $1,000 principal amount, subject to the maximum purchase amount of $100 million.

The tender offer will expire at 11:59 p.m. ET on July 21.

Atlanticus will fund the tender offer through a new senior secured loan.

U.S. Bank NA (800 934-6802 or cts.specfinance@usbank.com) is the note trustee and the paying agent for the tender offer.

Atlanticus is based in Atlanta and invests in businesses primarily focused in the financial services industry.

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