World Acceptance extends revolver, cuts commitments to $460 million

By Wendy Van Sickle

Columbus, Ohio, July 14 – World Acceptance Corp. entered into a tenth amendment on July 12 to its amended and restated revolving credit agreement dated Sept. 17, 2010 with Wells Fargo Bank, NA as administrative agent and collateral agent.

The amendment extends the term of the credit agreement by one year through June 15, 2018 and reduces the aggregate commitments to $460 million from $500 million. It also provides for a future reduction to $370 million on March 31, 2017.

In addition, the amendment increases the minimum consolidated net worth requirement to $330 million from $260 million, effective June 29.

Also, Capital One, NA was removed as a lender.

World Acceptance is a Greenville, S.C.-based small-loan consumer finance business.

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