By Paul A. Harris
Portland, Ore., Nov. 18 – CURO Group Holdings Corp. priced an upsized $250 million fungible add-on to its 7˝% senior secured notes (B3/CCC+) at 100.5 to yield 7.401%, according to market sources on Thursday.
The offer was upsized from an announced $225 million.
Pricing came in the middle of talk in the 100.5 area, rich to initial guidance in the 100 area.
Jefferies LLC had the books on the Rule 144A and Regulation S for life deal.
The notes become callable on Aug. 2, 2024 at 103.75.
The Wichita, Kan.-based financial services company plans to use the proceeds plus equity and balance sheet cash to fund the acquisition of Heights Finance Corp.
The notes are being issued by wholly owned subsidiary CURO Finance, LLC as a temporary notes issuer.
The original $750 million issue priced in July 2021.
| Issuer: | CURO Finance, LLC
|
| Amount: | $250 million
|
| Issue: | Senior secured notes
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| Maturity: | Aug. 1, 2028
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| Bookrunner: | Jefferies LLC
|
| Co-manager: | Stephens Inc.
|
| Coupon: | 7˝%
|
| Price: | 100.5
|
| Yield: | 7.401%
|
| Call features: | Callable starting Aug. 2, 2024 at 103.75
|
| Trade date: | Nov. 18
|
| Settlement date: | Dec. 3
|
| Ratings: | Moody’s: B3
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100.5 area; initial guidance in 100 area
|
| Original issue: | $750 million of notes priced in July 2021
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