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|Elevate Announces Pricing of Initial Public Offering|
|Monday, 10 April 2017|
Elevate Credit, Inc. (“Elevate” or the “Company”) today announced the pricing of its initial public offering of 12,400,000 shares of common stock at a price to the public of $6.50 per share. In addition, Elevate has granted the underwriters a 30-day option to purchase up to an additional 1,860,000 shares. The Company’s stock is expected to begin trading on the New York Stock Exchange (NYSE) under the ticker symbol “ELVT” on Thursday, April 6, 2017. The offering is expected to close on April 11, 2017, subject to customary closing conditions. Net proceeds to the Company, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $69 million, or $81 million if the underwriters’ option to purchase additional shares is exercised in full. The Company will use approximately $15 million of the net proceeds to repay a portion of the outstanding amount under its convertible term notes, approximately $53 million of the net proceeds to repay a portion of the outstanding amount under its financing agreement and the remainder, if any, for general corporate purposes, including to fund a portion of the loans made to its customers. Victory Park Capital, one of the Company’s lenders, has agreed to acquire 2.3 million shares in the offering at the public offering price.
UBS Securities LLC, Credit Suisse Securities (USA) LLC, and Jefferies LLC are acting as joint book-running managers and as representatives of the underwriters for the offering. Stifel, Nicolaus & Company, Incorporated and William Blair & Company L.L.C. are also acting as joint book-running managers for the offering.
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