CURO Group Holdings Corp. Enters Forbearance Agreements And Waiver To Allow For Continued Constructive Discussions With Lenders And Stakeholders
CURO Group Holdings Corp. (NYSE:CURO) ("CURO" or the "Company"), an omni-channel consumer finance company serving consumers in the United States and Canada, today announced that it entered into forbearance agreements (the "Forbearance Agreements") with the holders of approximately 84% of the outstanding aggregate principal amount of the Company's 7.500% Senior 1.5 Lien Secured Notes due 2028 (the "1.5L Noteholders") and the holders of approximately 74% of the outstanding aggregate principal amount of the Company's 7.500% Senior Secured Notes due 2028 (the "2.0L Noteholders") and that it obtained a waiver (the "Waiver") of certain events of default from lenders holding more than 80% in amount of term loans the Company's 1.0 Lien Credit Agreement (together with the 1.5L Noteholders and the 2.0L Noteholders, the "Lenders").
Under the terms of the Forbearance Agreements and the Waiver, the Lenders have agreed not to exercise any remedies against the Company and its affiliates until March 18, 2024, subject to certain terms and conditions.
"Today's agreements will allow us to continue constructive discussions with our lenders and other stakeholders as we work to strengthen our balance sheet and better position CURO for the long term," said Doug Clark, CURO's Chief Executive Officer. "We look forward to achieving the financial flexibility we need to invest in our growth as we continue to execute with excellence and build on our foundation. We appreciate the support of our team and our business partners as we move forward."
Additional details regarding the Forbearance Agreements and the Waiver are set forth in the Form 8-K filed by the Company with the SEC today, which includes the full text of the agreements. The Form 8-K is available on the SEC's Edgar website as well as the Company's website.