WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Facility
entered into an eleventh amendment (the Eleventh Amendment) to
the Amended and Restated Revolving Credit Agreement, originally
dated as of September 17, 2010 (as cumulatively amended, the
Revolving Credit Agreement), among the Company, the lenders named
therein, and Wells Fargo Bank, National Association, as successor
Administrative Agent and successor Collateral Agent.
among other things: (i) extend the maturity date under the
Revolving Credit Agreement from June 15, 2018 to June 15, 2019;
(ii) increase the commitments under the Revolving Credit
Agreement from $370.0 million to $480.0 million; (iii) reduce the
maximum permissible ratio of total debt to consolidated adjusted
net worth from 2.75 to 1.0 to 2.0 to 1.0; (iv) further narrow the
definition of Eligible Finance Receivables; (v) expand the
circumstances under which the Company may make restricted
payments by allowing for certain share repurchases in an
aggregate amount of up to>50% of consolidated adjusted net
income in any fiscal year, commencing with the fiscal year ending
March 31, 2017; and (vi) restrict certain bulk purchases of
finance receivables by the Company. In addition, to the Eleventh
Amendment, Bank United, N.A. became a lender under the Revolving
Credit Agreement.
in its entirety by reference to the full text of the Eleventh
Amendment, which is filed as Exhibit 10.1 to this Current Report
on Form 8-K and incorporated herein by reference.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
Form 8-K is incorporated by reference into this Item 2.03.
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(d) Exhibits.
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Exhibit No.
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Description of Exhibit
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10.1
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Eleventh Amendment to Amended and Restated Revolving
Credit Agreement, dated as of May 8, 2017, among World Acceptance Corporation, the lender parties thereto, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent |
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. WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD) Recent Trading Information
WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD) closed its last trading session 00.00 at 56.07 with 113,610 shares trading hands.