ATLANTA, July 26, 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 the closing of its previously-announced underwritten registered public add-on offering of its 9.25% Senior Notes due 2029 (the Additional Notes). The Company consummated the issuance and sale of a total of $60 million aggregate principal amount of the Additional Notes (the Offering), which included $55 million principal amount offered plus $5 million principal amount upon exercise of the underwriters’ option.
The Offering resulted in net proceeds of approximately $56.5 million after deducting underwriting discounts, commissions, fees and certain expense reimbursements to underwriters, but before deducting other expenses.
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 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 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.
B. Riley Securities, Inc., Janney Montgomery Scott LLC, Lucid (NASDAQ:) Capital Markets, LLC, and William Blair & Company, L.L.C. acted as book-running managers for the Offering. A.G.P./Alliance Global Partners (NYSE:) and Clear Street LLC acted as co-managers for the Offering.
Troutman Pepper Hamilton Sanders LLP acted as legal counsel to the Company. Duane Morris LLP acted as legal counsel to the underwriters.
The Offering of these Additional Notes was made pursuant to an effective shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission (the SEC) on May 10, 2024 and declared effective by the SEC on May 21, 2024. The Offering was made only by means of a prospectus and prospectus supplement. A copy of the prospectus and prospectus supplement…
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