Company: ATLCL
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001437749-25-015559
Chunk: 168

Company: Atlanticus Holdings Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 168
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 as of  March 31, 2025. The facility matured on (as subsequently amended)  April 28, 2025. This facility is secured by related restricted cash and accrues interest at an annual rate equal to the Term SOFR plus 2.5%. 
    
   In  December 2024, we (through a wholly owned subsidiary) sold $100.0 million of ABS secured by certain credit card receivables (expiring  January 16, 2029). The terms of the ABS allow for a 30-month revolving structure with a subsequent 18-month amortization period. The weighted average interest rate on the securities is fixed at 7.78%.
    
   In  March 2025, we (through a wholly owned subsidiary) sold $200.0 million of ABS secured by certain private label credit receivables (expiring  September 15, 2028). A portion of the proceeds from the sale was used to pay down other revolving facilities associated with our private label credit receivables, noted above, and the remaining proceeds were invested in the acquisition of receivables. The terms of the ABS allow for a 25-month revolving structure with an 18-month amortization period. The interest rate on the securities is fixed at 6.60%.
    
   In  March 2025, we (through a wholly owned subsidiary) entered a $200.0 million ABS agreement secured by certain private label credit card receivables (of which $10.0 million was outstanding as of  March 31, 2025) that can be drawn upon to the extent of outstanding eligible receivables. The interest rate on the notes is based on a commercial paper rate plus 2.00%. The facility matures on  September 15, 2027.
    
   As of  March 31, 2025, we were in compliance with the covenants underlying our various notes payable and credit facilities.

       22

   Senior Notes, net
    
   In  November 2021, we issued $150.0 million aggregate principal amount of 2026 Senior Notes. The 2026 Senior Notes are general unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and will rank senior in right of payment to the Company’s future subordinated indebtedness, if any. The