CCR Magazine

CSA Top Banner
You are here  :Home arrow News arrow Elevate Announces Pricing of Initial Public Offering
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Elevate Announces Pricing of Initial Public Offering PDF Print E-mail
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.
 
Enghouse Side Banner

CSA side

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

CSA

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197