Curo Group Holdings (NYSE:CURO) stock surged 15% in Friday after-hours trading after the company entered into forbearance agreements with some of its lenders to get more time to strengthen its balance sheet, it said on Friday.
The company entered the agreements with holders of about 84% of the outstanding aggregate principal amount of the company's 7.500% senior 1.5 lien secured notes due 2028 and the holders of ~74% of the outstanding aggregate principal amount of its 7.500% senior secured notes due 2028 (2.0L noteholders). It also obtained a waiver of certain events of default from lenders holding more than 80% of term loans in Curo's (CURO) 1.0 lien credit agreement.
Under the terms of the agreements, the lenders have agreed not to exercise any remedies against the company and its affiliates until March 18, 2024.
"Today’s agreements will allow us to continue constructive discussions with our lenders and other stakeholders as we work to strengthen our balance sheet and better position CURO for the long term," said CEO Doug Clark.
As it disclosed on Feb. 1, Curo (CURO) elected not to make a $25.6M interest payment on the senior 1.5 lien notes and an $11.9M interest payment on the 2.0L notes.
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