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.
Debt Advisory and Restructuring
Joe Stone
Title:Managing Director, Co-Head of Debt Advisory & Restructuring
Hudson Grimes
Title:Associate
Financial Institutions Investment Banking
Cliff Booth
Title:Managing Director, Head of Specialty Finance
JD Nelson
Title:Managing Director
Adam Markiewicz
Title:Director
DISCLOSURES
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