[8-K] Atlanticus Holdings Corporation Reports Material Event
Atlanticus Holdings Corporation completed a private offering of $400,000,000 aggregate principal amount of 9.750% Senior Notes due 2030. The company intends to use net proceeds to repay balances under its recourse warehouse facilities, for general corporate purposes including funding future portfolio and business acquisitions and to fund partial or full repayment of its 6.125% Senior Notes due 2026, and to pay offering fees and expenses. The Notes bear interest at 9.750% payable semi-annually on March 1 and September 1 beginning March 1, 2026, are senior unsecured and are unconditionally guaranteed by certain domestic subsidiaries. The Indenture includes customary redemption provisions, a make-whole premium for redemptions prior to September 1, 2027, an equity-tender redemption feature (up to 40% at 109.750% prior to September 1, 2027), a 101% repurchase on a Change of Control, customary covenants limiting certain indebtedness, dividends, liens and other actions, and customary events of default.
Atlanticus Holdings Corporation ha completato un'offerta privata di 400.000.000 di dollari in obbligazioni senior al 9,750% con scadenza 2030. La Societ脿 intende impiegare il ricavato netto per rimborsare i saldi delle sue strutture di warehouse con responsabilit脿, per scopi aziendali generali tra cui finanziare future acquisizioni di portafoglio e di attivit脿, per finanziare il rimborso parziale o totale delle sue obbligazioni senior al 6,125% in scadenza 2026 e per pagare commissioni e spese dell'offerta. Le obbligazioni corrispondono interessi al 9,750% pagabili semestralmente il 1掳 marzo e il 1掳 settembre a partire dal 1掳 marzo 2026, sono senior non garantite e sono garantite incondizionatamente da determinate controllate nazionali. Il contratto di emissione prevede usuali clausole di rimborso, un premio make-whole per rimborsi prima del 1掳 settembre 2027, una clausola di rimborso legata all'equity (fino al 40% al 109,750% prima del 1掳 settembre 2027), un riacquisto al 101% in caso di cambio di controllo, covenant tipici che limitano determinati indebitamenti, dividendi, gravami e altre azioni, e consueti eventi di default.
Atlanticus Holdings Corporation complet贸 una colocaci贸n privada por un monto total de 400.000.000 USD en bonos senior al 9,750% con vencimiento en 2030. La compa帽铆a planea usar los ingresos netos para pagar saldos de sus facilidades de almac茅n con recurso, para fines corporativos generales incluyendo financiar futuras adquisiciones de cartera y de negocios, para financiar el pago parcial o total de sus bonos senior al 6,125% con vencimiento en 2026, y para cubrir comisiones y gastos de la oferta. Los bonos devengan inter茅s al 9,750% pagadero semestralmente los d铆as 1 de marzo y 1 de septiembre, comenzando el 1 de marzo de 2026; son senior no garantizados y est谩n garantizados incondicionalmente por ciertas subsidiarias nacionales. El contrato de emisi贸n incluye disposiciones habituales de redenci贸n, una prima make-whole para redenciones antes del 1 de septiembre de 2027, una caracter铆stica de redenci贸n vinculada a la emisi贸n de acciones (hasta el 40% al 109,750% antes del 1 de septiembre de 2027), una recompra al 101% en caso de cambio de control, cl谩usulas habituales que limitan ciertos endeudamientos, dividendos, grav谩menes y otras acciones, y los eventos de incumplimiento habituales.
Atlanticus Holdings Corporation電� 2030雲� 毵岅赴 鞐� 9.750% 瓿犾爼 旮堧Μ 靹犾垳鞙勳眲甓�(Senior Notes) 齑� 4鞏� 雼煬毳� 靷搿� 氚滍枆鞚� 鞕勲頄堨姷雼堧嫟. 須岇偓電� 靾滌垬鞚奠潉 毽綌鞀�(須岇垬毂呾瀯 鞛堧姅) 彀疥碃 鞁滌劋鞚� 鞛旍暋 靸來櫂, 頄ロ泟 韽姼韽措Μ鞓� 氚� 靷梾 鞚胳垬 鞛愱笀 霌� 鞚茧皹 旮办梾 氇╈爜, 2026雲� 毵岅赴 6.125% 靹犾垳鞙勳眲鞚� 鞚茧秬 霕愲姅 鞝勲秬 靸來櫂 鞛愱笀 氚� 氚滍枆 靾橃垬耄岇檧 牍勳毄 歆�旮夓棎 靷毄頃� 瓿勴殟鞛呺媹雼�. 頃措嫻 毂勱秾鞚� 鞐� 9.750% 鞚挫瀽毳� 歆�旮夗晿氅� 2026雲� 3鞗� 1鞚茧秬韯� 毵る厔 3鞗� 1鞚缄臣 9鞗� 1鞚检棎 氚橁赴氤勲 歆�旮夒惄雼堧嫟. 毂勱秾鞚� 靹犾垳鞙� 氍措嫶氤挫澊氅� 韸轨爼 甑偞 鞛愴殞靷皜 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 瓿勳暯靹滌棎電� 鞚茧皹鞝侅澑 靸來櫂 臁绊暛, 2027雲� 9鞗� 1鞚� 鞚挫爠 靸來櫂鞐� 雽�頃� 氅旍澊韥�-頇� 頂勲Μ氙胳梽, 欤检嫕 甏�霠� 靸來櫂 鞓奠厴(2027雲� 9鞗� 1鞚� 鞚挫爠 斓滊寑 40%毳� 109.750%搿� 靸來櫂), 歆�氚瓣秾 氤�瓴� 鞁� 101% 毽嵓觳挫澊鞀�, 韸轨爼 毂勲路氚半嫻路雼措炒甓� 靹れ爼 氚� 旮绊儉 頄夓渼毳� 鞝滍暅頃橂姅 韱奠儊鞝� 鞎届爼(covenant)瓿� 韱奠儊鞝� 霐旐彺韸� 靷湢臧� 韽暔霅橃柎 鞛堨姷雼堧嫟.
Atlanticus Holdings Corporation a r茅alis茅 une 茅mission priv茅e de 400 000 000 USD de Senior Notes 脿 9,750% 茅ch茅ant en 2030. La soci茅t茅 pr茅voit d'utiliser le produit net pour rembourser les soldes de ses facilit茅s de warehouse avec recours, pour des usages g茅n茅raux d'entreprise incluant le financement de futures acquisitions de portefeuille et d'activit茅s, pour financer le remboursement partiel ou total de ses Senior Notes 脿 6,125% 茅ch茅ant en 2026, et pour payer les frais et d茅penses de l'茅mission. Les titres portent un int茅r锚t de 9,750% payable semestriellement les 1er mars et 1er septembre, 脿 compter du 1er mars 2026 ; ils sont senior non garantis et sont inconditionnellement garantis par certaines filiales nationales. L'acte d'茅mission comprend des dispositions de remboursement usuelles, une prime make鈥憌hole pour tout remboursement avant le 1er septembre 2027, une option de rachat li茅e aux actions (jusqu'脿 40% 脿 109,750% avant le 1er septembre 2027), un rachat 脿 101% en cas de changement de contr么le, des engagements usuels limitant certains endettements, dividendes, s没ret茅s et autres actes, ainsi que les 茅v茅nements de d茅faut habituels.
Atlanticus Holdings Corporation hat eine Privatplatzierung 眉ber insgesamt 400.000.000 USD von 9,750% Senior Notes mit F盲lligkeit 2030 abgeschlossen. Das Unternehmen beabsichtigt, den Nettoerl枚s zur R眉ckzahlung von Salden unter seinen recourse Warehouse-Fazilit盲ten, f眉r allgemeine Unternehmenszwecke einschlie脽lich der Finanzierung zuk眉nftiger Portfolio鈥� und Unternehmensakquisitionen, zur teilweisen oder vollst盲ndigen R眉ckzahlung seiner 6,125% Senior Notes mit F盲lligkeit 2026 sowie zur Zahlung von Emissionsgeb眉hren und -kosten zu verwenden. Die Notes tragen Zinsen in H枚he von 9,750%, zahlbar halbj盲hrlich jeweils am 1. M盲rz und 1. September ab dem 1. M盲rz 2026; sie sind ungesicherte Senior-Schuldverschreibungen und werden von bestimmten inl盲ndischen Tochtergesellschaften unbedingts garantiert. Die Anleihebedingungen enthalten 眉bliche R眉ckzahlungsbestimmungen, eine Make鈥慦hole鈥慞r盲mie f眉r R眉ckzahlungen vor dem 1. September 2027, eine Aktien鈥慣ender鈥慠眉ckzahlungsoption (bis zu 40% zu 109,750% vor dem 1. September 2027), einen 101% R眉ckkauf bei Kontrollwechsel, 眉bliche Covenants zur Beschr盲nkung bestimmter Verschuldung, Dividenden, Sicherheiten und sonstiger Ma脽nahmen sowie die 眉blichen Events of Default.
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Insights
TL;DR: Atlanticus raised $400M via 9.75% senior notes to refinance warehouse debt and fund growth, carrying substantial coupon and customary covenants.
The issuance of $400 million of 9.750% senior notes due 2030 is a material financing event that provides immediate liquidity for Atlanticus to repay recourse warehouse facilities and to pursue portfolio acquisitions while enabling potential repayment of its 6.125% senior notes due 2026. The coupon is high relative to typical investment-grade issuance, reflecting either credit pricing for the issuer or market conditions; interest is payable semi-annually starting March 1, 2026. The notes are senior unsecured and are guaranteed by domestic subsidiaries, which supports their legal claim on assets but does not change unsecured status. Redemption mechanics include a make-whole prior to September 1, 2027, equity-offering funded redemptions up to 40% at a premium, and a 101% repurchase on Change of Control. Investors should note customary covenants and default provisions that could limit flexibility under certain scenarios.
TL;DR: The financing materially alters Atlanticus鈥檚 capital structure by adding $400M of high-coupon senior notes while enabling liability management and acquisition funding.
The company鈥檚 stated use of proceeds鈥攔epayment of warehouse facilities, corporate uses including acquisitions, and potential repayment of 2026 notes鈥攊ndicates a combination of liability management and growth funding. The 9.750% coupon implies meaningful ongoing interest expense beginning in 2026. The Indenture鈥檚 covenants restrict incurrence of additional non-funding indebtedness, dividend payments, liens and certain transactions with affiliates, which could constrain financial and operational flexibility. The inclusion of subsidiary guarantees improves enforceability of creditor claims. Overall this is a material, consequential financing transaction that rebalances near-term funding sources and creates longer-term fixed-rate obligations through 2030.
Atlanticus Holdings Corporation ha completato un'offerta privata di 400.000.000 di dollari in obbligazioni senior al 9,750% con scadenza 2030. La Societ脿 intende impiegare il ricavato netto per rimborsare i saldi delle sue strutture di warehouse con responsabilit脿, per scopi aziendali generali tra cui finanziare future acquisizioni di portafoglio e di attivit脿, per finanziare il rimborso parziale o totale delle sue obbligazioni senior al 6,125% in scadenza 2026 e per pagare commissioni e spese dell'offerta. Le obbligazioni corrispondono interessi al 9,750% pagabili semestralmente il 1掳 marzo e il 1掳 settembre a partire dal 1掳 marzo 2026, sono senior non garantite e sono garantite incondizionatamente da determinate controllate nazionali. Il contratto di emissione prevede usuali clausole di rimborso, un premio make-whole per rimborsi prima del 1掳 settembre 2027, una clausola di rimborso legata all'equity (fino al 40% al 109,750% prima del 1掳 settembre 2027), un riacquisto al 101% in caso di cambio di controllo, covenant tipici che limitano determinati indebitamenti, dividendi, gravami e altre azioni, e consueti eventi di default.
Atlanticus Holdings Corporation complet贸 una colocaci贸n privada por un monto total de 400.000.000 USD en bonos senior al 9,750% con vencimiento en 2030. La compa帽铆a planea usar los ingresos netos para pagar saldos de sus facilidades de almac茅n con recurso, para fines corporativos generales incluyendo financiar futuras adquisiciones de cartera y de negocios, para financiar el pago parcial o total de sus bonos senior al 6,125% con vencimiento en 2026, y para cubrir comisiones y gastos de la oferta. Los bonos devengan inter茅s al 9,750% pagadero semestralmente los d铆as 1 de marzo y 1 de septiembre, comenzando el 1 de marzo de 2026; son senior no garantizados y est谩n garantizados incondicionalmente por ciertas subsidiarias nacionales. El contrato de emisi贸n incluye disposiciones habituales de redenci贸n, una prima make-whole para redenciones antes del 1 de septiembre de 2027, una caracter铆stica de redenci贸n vinculada a la emisi贸n de acciones (hasta el 40% al 109,750% antes del 1 de septiembre de 2027), una recompra al 101% en caso de cambio de control, cl谩usulas habituales que limitan ciertos endeudamientos, dividendos, grav谩menes y otras acciones, y los eventos de incumplimiento habituales.
Atlanticus Holdings Corporation電� 2030雲� 毵岅赴 鞐� 9.750% 瓿犾爼 旮堧Μ 靹犾垳鞙勳眲甓�(Senior Notes) 齑� 4鞏� 雼煬毳� 靷搿� 氚滍枆鞚� 鞕勲頄堨姷雼堧嫟. 須岇偓電� 靾滌垬鞚奠潉 毽綌鞀�(須岇垬毂呾瀯 鞛堧姅) 彀疥碃 鞁滌劋鞚� 鞛旍暋 靸來櫂, 頄ロ泟 韽姼韽措Μ鞓� 氚� 靷梾 鞚胳垬 鞛愱笀 霌� 鞚茧皹 旮办梾 氇╈爜, 2026雲� 毵岅赴 6.125% 靹犾垳鞙勳眲鞚� 鞚茧秬 霕愲姅 鞝勲秬 靸來櫂 鞛愱笀 氚� 氚滍枆 靾橃垬耄岇檧 牍勳毄 歆�旮夓棎 靷毄頃� 瓿勴殟鞛呺媹雼�. 頃措嫻 毂勱秾鞚� 鞐� 9.750% 鞚挫瀽毳� 歆�旮夗晿氅� 2026雲� 3鞗� 1鞚茧秬韯� 毵る厔 3鞗� 1鞚缄臣 9鞗� 1鞚检棎 氚橁赴氤勲 歆�旮夒惄雼堧嫟. 毂勱秾鞚� 靹犾垳鞙� 氍措嫶氤挫澊氅� 韸轨爼 甑偞 鞛愴殞靷皜 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 瓿勳暯靹滌棎電� 鞚茧皹鞝侅澑 靸來櫂 臁绊暛, 2027雲� 9鞗� 1鞚� 鞚挫爠 靸來櫂鞐� 雽�頃� 氅旍澊韥�-頇� 頂勲Μ氙胳梽, 欤检嫕 甏�霠� 靸來櫂 鞓奠厴(2027雲� 9鞗� 1鞚� 鞚挫爠 斓滊寑 40%毳� 109.750%搿� 靸來櫂), 歆�氚瓣秾 氤�瓴� 鞁� 101% 毽嵓觳挫澊鞀�, 韸轨爼 毂勲路氚半嫻路雼措炒甓� 靹れ爼 氚� 旮绊儉 頄夓渼毳� 鞝滍暅頃橂姅 韱奠儊鞝� 鞎届爼(covenant)瓿� 韱奠儊鞝� 霐旐彺韸� 靷湢臧� 韽暔霅橃柎 鞛堨姷雼堧嫟.
Atlanticus Holdings Corporation a r茅alis茅 une 茅mission priv茅e de 400 000 000 USD de Senior Notes 脿 9,750% 茅ch茅ant en 2030. La soci茅t茅 pr茅voit d'utiliser le produit net pour rembourser les soldes de ses facilit茅s de warehouse avec recours, pour des usages g茅n茅raux d'entreprise incluant le financement de futures acquisitions de portefeuille et d'activit茅s, pour financer le remboursement partiel ou total de ses Senior Notes 脿 6,125% 茅ch茅ant en 2026, et pour payer les frais et d茅penses de l'茅mission. Les titres portent un int茅r锚t de 9,750% payable semestriellement les 1er mars et 1er septembre, 脿 compter du 1er mars 2026 ; ils sont senior non garantis et sont inconditionnellement garantis par certaines filiales nationales. L'acte d'茅mission comprend des dispositions de remboursement usuelles, une prime make鈥憌hole pour tout remboursement avant le 1er septembre 2027, une option de rachat li茅e aux actions (jusqu'脿 40% 脿 109,750% avant le 1er septembre 2027), un rachat 脿 101% en cas de changement de contr么le, des engagements usuels limitant certains endettements, dividendes, s没ret茅s et autres actes, ainsi que les 茅v茅nements de d茅faut habituels.
Atlanticus Holdings Corporation hat eine Privatplatzierung 眉ber insgesamt 400.000.000 USD von 9,750% Senior Notes mit F盲lligkeit 2030 abgeschlossen. Das Unternehmen beabsichtigt, den Nettoerl枚s zur R眉ckzahlung von Salden unter seinen recourse Warehouse-Fazilit盲ten, f眉r allgemeine Unternehmenszwecke einschlie脽lich der Finanzierung zuk眉nftiger Portfolio鈥� und Unternehmensakquisitionen, zur teilweisen oder vollst盲ndigen R眉ckzahlung seiner 6,125% Senior Notes mit F盲lligkeit 2026 sowie zur Zahlung von Emissionsgeb眉hren und -kosten zu verwenden. Die Notes tragen Zinsen in H枚he von 9,750%, zahlbar halbj盲hrlich jeweils am 1. M盲rz und 1. September ab dem 1. M盲rz 2026; sie sind ungesicherte Senior-Schuldverschreibungen und werden von bestimmten inl盲ndischen Tochtergesellschaften unbedingts garantiert. Die Anleihebedingungen enthalten 眉bliche R眉ckzahlungsbestimmungen, eine Make鈥慦hole鈥慞r盲mie f眉r R眉ckzahlungen vor dem 1. September 2027, eine Aktien鈥慣ender鈥慠眉ckzahlungsoption (bis zu 40% zu 109,750% vor dem 1. September 2027), einen 101% R眉ckkauf bei Kontrollwechsel, 眉bliche Covenants zur Beschr盲nkung bestimmter Verschuldung, Dividenden, Sicherheiten und sonstiger Ma脽nahmen sowie die 眉blichen Events of Default.
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of class
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Name of exchange on which registered
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Item 1.01.
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Entry into a Material Definitive Agreement.
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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.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit 4.1
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Indenture, dated August 20, 2025, by and among Atlanticus Holdings Corporation, as issuer, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee
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Exhibit 4.2
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Form of 9.750% Senior Note due 2030 (included in Exhibit 4.1)
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Exhibit 104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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ATLANTICUS HOLDINGS CORPORATION
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Date: August 20, 2025
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By:
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/s/ William R. McCamey
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Name: William R. McCamey
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Title: Chief Financial Officer
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FAQ
What did Atlanticus (ATLC) announce in this 8-K?
How will Atlanticus use the proceeds from the new notes?
When are interest payments due on the ATLC 9.750% notes?
Are the new notes secured or guaranteed?
What redemption or repurchase features apply to the notes?
