NEW YORK–(BUSINESS WIRE)–Atalaya Capital Management, a private credit and special opportunities alternative investment manager, recently closed a $100 million senior secured revolving credit facility to CURO Group Holdings Corp. (“CURO”). The facility’s borrowing capacity may be increased up to $200 million over time.
CURO is a market leader in providing short-term credit to underbanked consumers in the United States and Canada. The company will use proceeds from the facility to finance new U.S. installment and line-of-credit receivables, including those generated under its technology, marketing and servicing relationship with Stride Bank.
“We are very pleased to complete our facility in what could certainly be described as a challenging environment,” said Don Gayhardt, CURO President and CEO. “The Atalaya team was supportive and creative in navigating market changes to bolster CURO’s liquidity and provide funding capacity to support U.S. growth in the future.”
“We are glad to support the growth of CURO with this facility, which will better position them to execute their goal of providing financial support to the underbanked,” said Justin Burns, a Managing Director for Atalaya Capital Management. “Given recent events, there is likely to be an acute need for flexible credit across the consumer spectrum. We think that CURO is a best-in-class platform with a proven ability to step up in recessionary environments and support consumers when banks and other traditional sources of credit naturally retrench.”
Stephens Inc. served as financial advisor to CURO in the transaction. “CURO has been an important client of the firm for over a decade, and we are pleased to have had the opportunity to assist them in securing additional growth capital. At the same time, we think the Atalaya team proved the depth of their experience and commitment to the sector by closing a new facility in an extremely challenging environment,” said Nick Bellmann, a Managing Director in the Debt Capital Markets Group at Stephens Inc.
About Atalaya Capital Management
Atalaya Capital Management is a privately-held, SEC-registered alternative investment advisory firm. Atalaya primarily focuses on making private credit and special situation investments in three principal asset classes – financial assets, real estate, and corporate. Founded in 2006, Atalaya is headquartered in New York City and has more than $5 billion in assets under management.
About CURO Group Holdings
CURO Group Holdings Corp. (NYSE:CURO), operating in the United States and Canada and powered by its fully integrated technology platform, is a market leader by revenues in providing short-term credit to underbanked customers. In 1997, the Company was founded in Riverside, California by three Wichita, Kansas childhood friends to meet the growing consumer need for short-term loans. Their success led to opening stores across the United States and expanding to offer online loans and financial services across two countries. Today, CURO combines market expertise with a fully integrated technology platform, omni-channel approach and advanced credit decisioning to provide an array of short-term credit products across all mediums. CURO operates under a number of brands including Speedy Cash, Rapid Cash, Cash Money, LendDirect, Avio Credit, Opt+, and Revolve Finance. With over 20 years of operating experience, CURO provides financial freedom to the underbanked.