Date of Report (Date of earliest event reported) |
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | ( |
n/a
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(Former name or former address, if changed since last report.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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☐
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•
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Amends the definition of Net Income Available for Fixed Charges for any period means Consolidated Adjusted Net Income during such period plus, to the
extent deducted in determining Consolidated Adjusted Net Income, positive or negative non-cash provisions for “current expected loan losses” (under ASU 2016-13 or CECL) made by Borrower and its Restricted Subsidiaries during such period
(which, for the avoidance of doubt, would be the total provision expense less actual net charge offs).
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•
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Increase the required ratio for Net Income Available for Fixed Charges to Fixed Charges to 2.25 to 1.0 for the fiscal quarters ending June 30, 2022;
September 30, 2022; December 31, 2022; and 2.50 to 1.0 for March 31, 2023 and June 30, 2023, with the ratio increasing to 2.75 to 1.0 for each fiscal quarter thereafter.
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(d) |
Exhibits. |
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Exhibit Number
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Description of Exhibit |
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10.1 |
Eighth Amendment to Amended and Restated Revolving Credit Facility dated July 27, 2022 |
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99.1 |
Press release issued July 27, 2022 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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WORLD ACCEPTANCE CORPORATION |
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(Registrant) |
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Date: July 27, 2022 |
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By: |
/s/ John Calmes, Jr. |
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John Calmes, Jr. |
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Chief Financial and Strategy Officer |