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Atlanticus Announces Add-On Offering of 9.25% Senior Notes Due 2029
ATLANTA, July 23, 2024 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the Company”, “we,” “our” or “us”), a financial
About this update from Atlanticus Holdings Corporation
[{"type":"text","content":"ATLANTA, July 23, 2024 (GLOBE NEWSWIRE) -- Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the Company”, “we,” “our” or “us”), a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced it has commenced an underwritten registered public add-on offering (the “Add-On Offering”) of its 9.25% Senior Notes due 2029 (the “Additional Notes”). The Company expects to grant the underwriters an option to purchase more Additional Notes in connection with the Add-On Offering. The Additional Notes constitute a further issuance of the Company’s 9.25% Senior Notes due 2029, of which $57,250,000 aggregate principal amount was previously issued (the “Existing Notes”). The Additional Notes would have the same CUSIP number and trade interchangeably with the Existing Notes. The Company expects the Additional Notes to be fungible for U.S. federal income tax purposes with the Existing Notes. The Company expects to use the net proceeds of this Add-On Offering to redeem a portion of the Class B preferred units issued by one of the Company’s subsidiaries and/or for general corporate purposes. The Existing Notes trade and the Additional Notes are expected to trade on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “ATLCZ.” The Company and this issuance of Additional Notes received an “A” rating from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. Ratings are not a recommendation to purchase, hold or sell Additional Notes, inasmuch as the ratings do not comment as to market price or suitability for a particular investor. The ratings are based upon current information furnished to the rating agency by the Company and information obtained by the rating agency from other sources. The ratings are only accurate as of the date thereof and may be changed, superseded or withdrawn as a result of changes in, or unavailability of, such information, and therefore a prospective purchaser should check the current ratings before purchasing the Additional Notes. Each rating should be evaluated independently of any other rating. B. Riley Securities, Inc., Janney Montgomery Scott LLC, Lucid Capital Markets, LLC, and William Blair & Company, L.L.C. are acting as book-running managers for this Add-On Offerin...