The US Bankruptcy Court gave an order to CURO Group Holdings Corp to obtain DIP financing on an interim basis on March 25, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the total amount of $70 million out of it $25 million on interim basis from OCO and holders of Prepetition 1L Term Loans with Alter Domus (US) LLC. acting as the administrative agent.

The Debtors shall pay interest at a rate of S+ 10.00% (payable in kind), and subject to a 2.50% SOFR floor, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a premium equal to 5.00% of the initial Backstop Commitments and an exit fee of 10.00% of the aggregate principal amount of the DIP Facility. The DIP facility would mature either on six months after the Petition Date, April 30, 2024, i.e., 45 calendar days after the Petition Date if the Final DIP Order has not been entered by such date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier.

Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral. The final hearing shall be held on April 19, 2024.