Exclusive Financial Advisor to CURO Group Holdings Corp.
- August 13, 2024
Oppenheimer & Co. Inc. acted as Exclusive Financial Advisor to CURO Group Holdings Corp. during the company’s $2,102,000,000 Chapter 11 Reorganization
Oppenheimer professionals guided the negotiations with CURO Group Holdings Corp. (“CURO” or the “Company”), corporate & securitization lenders, and existing equity holders resulting in a “straddle” prepackaged plan of reorganization that resulted in:
- Equitization of $1,000 million in corporate debt in exchange for new equity (pre-dilution) as follows:
- 87.5% to the 1.5 lien noteholders
- 10.1% to the 2.0 lien noteholders plus 7-year warrants
- Existing shareholders receive 10-year contingent value rights
- General unsecured creditors reinstated or paid in full
- New $56 million exit first-out term loan and new $250 million exit second-out term loan
- Renegotiated securitization facilities with adjusted and/or extended terms
CURO is a leading provider of financial services focused on serving underbanked consumers through more than 650 branches across the United States and Canada.
![curo deal](/_assets/images/images/news-and-media/2024/august/24-smd-205-curo-deal-v2.jpg)
![curo deal](/_assets/images/images/news-and-media/2024/august/24-smd-205-curo-deal-v2.jpg)
Debt Advisory and Restructuring
![Joe Stone](/_assets/images/personnel/stone-joe.jpg)
Joe Stone
Title:Managing Director, Co-Head of Debt Advisory & Restructuring
Hudson Grimes
Title:Associate
Financial Institutions Investment Banking
![Cliff Booth](/_assets/images/personnel/booth-cliff-color.jpg)
Cliff Booth
Title:Managing Director, Head of Specialty Finance
![JD Nelson](/_assets/images/personnel/nelson-jd-highres.jpg)
JD Nelson
Title:Managing Director
![Adam Markiewicz](/_assets/images/personnel/adam-markiewicz.jpg)
Adam Markiewicz
Title:Director
DISCLOSURES
This notice is provided for informational purposes only, and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. Nothing contained herein shall constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited.
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