Atlanticus Holdings Corporation (NASDAQ:ATLC) Files An 8-K Other Events
Item 8.01. Other Events.
On August 26, 2019, Atlanticus Holdings Corporation repurchased $54.4 million in face amount of its outstanding 5.875% convertible senior notes due November 2035 (the “convertible senior notes”).
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).
The foregoing description of the repurchase is qualified in its entirety by reference to the full text of the press release and the Form of Promissory Note, which are filed as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K, respectively, and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Press release dated August 29, 2019 | |
| 99.2 | Form of Promissory Note |
Atlanticus Holdings Corp Exhibit
EX-99.1 2 ex_156598.htm EXHIBIT 99.1 ex_156598.htm Exhibit 99.1 ATLANTICUS HOLDINGS CORPORATION ANNOUNCES REPURCHASE OF $54 MILLION IN CONVERTIBLE SENIOR NOTES IN EXCHANGE FOR CASH AND TERM NOTE ATLANTA,…
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About Atlanticus Holdings Corporation (NASDAQ:ATLC)
Atlanticus Holdings Corporation is focused on providing financial services. Through its subsidiaries, the Company offers an array of financial products and services. The Company operates through two segments: Credit and Other Investments, and Auto Finance. The Company’s Credit and Other Investments segment includes its point-of-sale and direct-to-consumer finance operations, investments in and servicing of its various credit card receivables portfolios and other product development and limited investment in consumer finance technology platforms that capitalize on its credit infrastructure. The Company’s Auto Finance segment operations are principally conducted through its CAR platform, which purchases and services loans secured by automobiles from or for a pre-qualified network of independent automotive dealers and automotive finance companies in the buy-here, pay-here used car business. The Company also provides loan servicing activities.