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$LC said on Jan. 2, 2018, its BoD received a letter from IEG Holdings Corporation, stating its intention to acquire up to 4.99% of the outstanding common stock of $LC on the basis of 13 shares of IEG common stock for each share of $LC common stock. On Jan. 5, IEG commenced its proposed exchange offer, which $LC’s BoD urges stockholders to ignore.
For FY18, $TREE expects revenue to be $770-790MM, representing growth of 27-30% over the high-end of full-year 2017 guidance of $608MM. Variable Marketing Margin is anticipated to be $270-280MM. Adjusted EBITDA is anticipated to be $145-150MM, up 28-33% over the high-end of full-year 2017 guidance of $113MM.
$TREE has acquired certain assets of Snap Capital LLC, a tech-enabled online platform connecting business owners with lenders. The acquisition purchase has a possible total consideration of $21MM, which consists of $12MM in cash at closing, and contingent consideration payments of up to $9MM.
$ENVA announced that its BoD has authorized a share repurchase plan for up to $25MM of its common stock through December 31, 2019. Repurchases will be made in accordance with applicable securities laws from time to time in the open market, through privately negotiated transactions, or otherwise.
$TREE announced two key promotions in its leadership team. The company promoted J.D. Moriarty, currently SVP of Corporate Development, to the position of CFO. Gabe Dalporto, who currently serves as company's CFO and Chief Marketing Officer has been elected to the company's BoD.
$TREE promoted Sam Mischner to Chief Sales Officer and Head of Mortgage. Previously, Mischner served as SVP, Sales and GM, Mortgage. In the newly-formed role of Chief Sales Officer and Head of Mortgage, Mischner will lead the company's sales strategy and operations.
$FCFS completed the redemption of all of its outstanding 6.75% senior notes due 2021. The redemption price was 105.063% of the unpaid principal amount, plus accrued and unpaid interest. $FCFS used proceeds from its offering of $300MM in aggregate principal amount of 5.375% senior notes due 2024 to redeem all the remaining outstanding notes.
$LC closed its inaugural self-sponsored securitization deal. The Consumer Loan Underlying Bond NP Credit Trust 2017-NP1 issued $279.4MM in notes backed by consumer loan assets facilitated through the LendingClub platform. $LC expects to sponsor programmatic securitizations and to use the CLUB structure for future transactions.
$TREE unit LendingTree, LLC has acquired MagnifyMoney.com, a leading consumer-facing media property. The acquisition has a possible total consideration of $39.5MM, which consists of $29.5MM in cash at closing, and contingent consideration payments of up to $10MM.
Online loan marketplace $TREE has acquired certain assets of Deposits Online, a provider of bank deposit account information that operates under the name DepositAccounts.com. The deal has a possible total consideration of $33MM, which consists of $24MM in cash at closing and contingent consideration payments of up to $9MM.
$FCFS announced the expiration on June 12, 2017 of its previously announced tender offer and consent solicitation for any and all of its existing 6.75% senior notes due 2021, which commenced on May 15, 2017 and a related Consent and Letter of Transmittal.
$TREE priced its private offering of $265MM of its 0.625% convertible senior notes due 2022. The size of the offering was increased from the previously announced $200MM in aggregate principal amount. The sale of the notes to the initial purchasers is expected to settle on or about May 31, 2017.
$FCFS has authorized a new share repurchase plan for up to $100MM of its common stock, effective May 15, 2017. It expects to fund the share repurchases primarily through its operating cash flows and the expected net proceeds from its private placement offering of senior notes due 2024.
$LC said it has number of initiatives in place to mitigate the impact on the borrower side of the business. The company also have an ongoing search for a new head for the borrower group. The company said it is confident that its efforts will return the business to growth profile starting in 2Q17.
$LC said it is shifting its organizational energy to focus on borrower basing initiatives and expects these efforts to start bearing fruit in 2Q17. As a result, the company expects to get back to sequential revenue growth trend from 2Q17 to 4Q17, ending 2017 with strong YoY growth profile and adjusted EBITDA margin in 15% to 20% range.