World Acceptance Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Finance: Consumer Services
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 28, 2024
Commission File Number: 000-19599
(Exact name of registrant as specified in its charter.)
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Securities registered pursuant to Section 12(b) of the Act:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||||||||
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||||||||
| Item 1.01. | Entry into a Material Definitive Agreement. | ||||
Twelfth Amendment to Amended and Restated Revolving Credit Agreement
On February 28th, 2024, World Acceptance Corporation (the “Company”) entered into the Twelfth Amendment to its Amended and Restated Revolving Credit Agreement (the “Twelfth Amendment”), among the Company, the lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent. The Twelfth Amendment amends the Company’s Amended and Restated Revolving Credit Agreement to:
i.a.) Change the ratio of Net Income Available for Fixed Charges from not less than 2.25 to 1 to not less than 2.00 to 1 for the quarters ending March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024.
ii.b) Change the ratio of Total Debt to Consolidated Adjusted Net Worth limit to 225% for the remainder of the Amended and Restated Credit Agreement.
The foregoing description of the Twelfth Amendment is only a summary and is qualified in its entirety by reference to the full text of the Twelfth Amendment and the Amended and Restated Revolving Credit Agreement, which is filed as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. | ||||
| Exhibit Number | Exhibit Description | ||||
| 10.1 | |||||
| 10.2 | |||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WORLD ACCEPTANCE CORPORATION | |||||||||||
| By: /s/ John L. Calmes, Jr. | |||||||||||
| John L. Calmes, Jr. | |||||||||||
| Executive Vice President and Chief Financial and Strategy Officer | |||||||||||
| Date: | February 28, 2024 | ||||||||||
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