WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD) Files An 8-K Entry into a Material Definitive Agreement

WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

Amended and Restated Revolving Credit Facility
On June 7, 2019, World Acceptance Corporation (the “Company”) entered into an Amended and Restated Revolving Credit Agreement (the “Revolving Credit Agreement”), among the Company, the lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent.
The Revolving Credit Agreement amends and restates the preexisting revolving credit agreement to, among other things: (i) increase the aggregate commitments of the Lenders to $685.0 million (increased from $480.0 million); (ii) permit the Borrower to make purchases of any class or series of capital stock or other equity in the amount of $200.0 million plus 50% of cumulative Consolidated Net Income, subject to certain restrictions; (iii) provide for a process to transition to a new benchmark from LIBOR if necessary; and (iv) extend the term of the Revolving Credit Agreement to three (3) years.
The foregoing description of the Revolving Credit Agreement is only a summary and is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 8.01. Other Events.
On June 7, 2019, the Company’s Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200.0 million of its outstanding common stock, inclusive of the amount that remains available for repurchases under the prior repurchase. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, available funds, alternative uses of capital, restrictions under the Revolving Credit Agreement, and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
* Submitted electronically herewith.
* Certain schedules to these Exhibits have been omitted to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to furnish copies of such omitted materials supplementally upon request by the SEC.
WORLD ACCEPTANCE CORP Exhibit
EX-10.1 2 wrld8-k_6x7x19xex101.htm EXHIBIT 10.1 Exhibit AMENDED AND RESTATED REVOLVING CREDIT AGREEMENTBY AND AMONGWORLD ACCEPTANCE CORPORATION,…
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About WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD)

World Acceptance Corporation operates a small-loan consumer finance business in 15 states and Mexico as of March 31, 2016. The Company offers short-term small installment loans, medium-term larger installment loans, related credit insurance and ancillary products and services to individuals. The Company offers standardized installment loans generally between $300 and $4,000 through 1,339 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Texas, Tennessee, Wisconsin and Mexico as of March 31, 2016. The Company generally serves individuals with limited access to other sources of consumer credit, such as banks, credit unions, other consumer finance businesses and credit card lenders. In the United States branches, the Company also offers income tax return preparation services to its loan customers and other individuals.

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