PROG Holdings to price $600 million eight-year notes on Wednesday; price talk mid-5% area

Chicago, Nov. 8 – PROG Holdings, Inc. announced that it plans to price $600 million of eight-year senior notes, according to a press release.

A market source said that the notes are expected in the mid-5% area with pricing scheduled for Wednesday.

The notes will have three years of call protection.

The Rule 144A and Regulation S notes are being sold by J.P. Morgan Securities LLC.

Proceeds will be used to repurchase shares of common stock pursuant to a tender offer, future repurchases or common stock or potentially for general corporate purposes, depending on the results of the share buybacks.

PROG is a fintech holding company based in Salt Lake City. It owns Progressive Leasing, Vive Financial and Four Technologies.

Paul A. Harris contributed to this story.

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