ATLANTICUS HOLDINGS CORPORATION ANNOUNCES REPURCHASE OF $54 MILLION IN CONVERTIBLE SENIOR NOTES IN EXCHANGE FOR CASH AND TERM...
August 29 2019 - 4:30PM
Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus”, “we”,
“our” or “us”), a technology-enabled consumer finance company,
announced the repurchase of $54.4 million in face amount of its
outstanding 5.875% convertible senior notes due November 2035 (the
“convertible senior notes”) on August 26, 2019.
As consideration, Atlanticus paid approximately $16.3 million in
cash (including accrued interest) and issued a $17.4 million term
note, which bears interest at a fixed rate of 8.0% and is due in
August 2024. The repurchase of the convertible senior notes
will result in a gain to Atlanticus of approximately $5.1 million
(net of the convertible senior notes’ applicable share of deferred
costs, which were written off in connection with the
repurchase).
After the repurchase, $34.3 million of convertible senior notes
remain outstanding.
About Atlanticus Holdings CorporationFounded in
1996, our businesses, including the Fortiva® and Aspire®
branded products, utilize proprietary analytics and a flexible
technology platform to enable financial institutions to provide
various credit and related financial services and products to the
financially underserved consumer credit market. We apply the
experience gained and infrastructure built from servicing over 17
million customers and $25 billion in consumer loans over our
23-year operating history to support lenders that originate a range
of consumer loan products. These products include retail and
general-purpose credit cards marketed through our omni-channel
platform that includes, retail point-of-sale, direct mail
solicitation, Internet-based marketing and partnerships with third
parties. Additionally, through its CAR subsidiary, Atlanticus
serves the individual needs of automotive dealers and automotive
non-prime financial organizations with multiple financing and
service programs.
Contact: Investor Relations
Mitch Saunders
770.828.2000
investors@atlanticus.com
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