Elevate Credit, Inc. (NYSE:ELVT) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On April27, 2017, Elastic SPV, Ltd. (Elastic
SPV, or the Borrower),
Elevate Credit, Inc. (the Company) as a
guarantor, the other guarantors party thereto (such guarantors
collectively with the Company and the Borrower, the
Credit Parties) and Victory Park
Management, LLC, as administrative agent and collateral agent for
the lenders and the holders (in such capacity, the
Agent) entered into a Third Amendment
to Financing Agreement (the Amendment)
with respect to the Financing Agreement, dated as of July1, 2015,
as amended by that certain First Amendment to Financing Agreement
dated as of October21, 2015 and that certain Second Amendment to
Financing Agreement dated as of July14, 2016 (as amended,
restated, supplemented or otherwise modified from time to time,
the Financing Agreement), to which,
among other changes to the Financing Agreement effected by the
Amendment, the Maximum Commitment (as defined in the Financing
Agreement) was increased to $250 million and the maturity date
(subject to certain exceptions for any notes held by VPC Investor
Fund A, L.P.) was extended to July1, 2021.
The foregoing description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the
full text of the Amendment, a copy of which is filed herewith as
Exhibit 10.1 and is incorporated herein by reference.
| Item2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information included in Item1.01 above is incorporated herein
by reference.
| Item8.01. | Other Events |
On May2, 2017, the Company issued a press release announcing that
Elastic SPV increased its debt facility from $150 million to $250
million. A copy of the press release is attached hereto as
Exhibit 99.1.
| Item9.01. | Financial Statements and Exhibits |
| (d) | Exhibits. |
|
Exhibit No. |
Description |
|
| 10.1 |
Third Amendment to Financing Agreement, dated April 27, 2017, by and among Elastic SPV, Ltd., the guarantors party thereto, the lenders party thereto, and Victory Park Management, LLC, as agent. |
|
| 99.1 | Press release dated May 2, 2017. |
|
Confidential treatment has been requested as to certain portions of this exhibit, which portions have been omitted and submitted separately to the Securities and Exchange Commission. |
About Elevate Credit, Inc. (NYSE:ELVT)
Elevate Credit, Inc. provides online credit solutions to non-prime consumers, typically defined as those with credit scores of less than 700. The Company uses advanced technology risk analytics to provide financial options to its customers, who are not well-served by either banks or legacy non-prime lenders. It offers online installment loans and lines of credit in the United States, and the United Kingdom. Its products, Rise, Elastic and Sunny, provide customers with access to priced credit and services while helping them with credit building and financial wellness features. Its products include credit building and financial wellness programs, such as credit reporting, free credit monitoring (in the United States) and online financial literacy videos and tools. Rise is an installment loan product. As of March 31, 2016, Rise was available in 15 states in the United States. Sunny is the Company’s United Kingdom installment loan product. Elevate Credit, Inc. (NYSE:ELVT) Recent Trading Information
Elevate Credit, Inc. (NYSE:ELVT) closed its last trading session down -0.36 at 7.64 with 142,587 shares trading hands.
