Populus Financial Group, Inc. Announces Expiration Date Results in Connection with its Tender Offer and Consent Solicitation for 12.000% Senior Secured Notes due 2022

News provided by

Dec 17, 2020, 13:57 ET

DALLAS, Dec. 17, 2020 /PRNewswire/ -- Populus Financial Group, Inc. (f/k/a ACE Cash Express, Inc.) (the "Company" or "Populus"), announced today the closing of the previously announced offer to purchase and exchange (the "Tender Offer") and consent solicitation (the "Consent Solicitation"), for cash and preferred shares, any and all of its outstanding 12.000% Senior Secured Notes due 2022 (the "2022 Notes") validly tendered (and not validly withdrawn) and accepted for purchase, plus any accrued and unpaid interest on the Existing Notes from June 16, 2020, to, but excluding, the settlement date, on the terms and subject to the conditions set forth in the Amended and Restated Offer to Purchase and Consent Solicitation Statement, dated December 2, 2020 (the "Offer to Purchase").

Populus has accepted for payment all of the $213,216,000 aggregate principal amount of 2022 Notes validly tendered and not validly withdrawn prior to the Expiration Time (the "Tendered Notes"), representing more than 83% of the total issued and outstanding 2022 Notes, and, in accordance with the terms of the Offer to Purchase, has paid all holders of the Tendered Notes either the Cash Consideration, Tender Offer Consideration or Total Consideration (each as defined in the Offer to Purchase), as applicable. The tender consideration was funded with a combination of cash on hand and the proceeds of a new credit facility.

In addition, the Company announced that it had effected the Proposed Amendments (as defined in the Offer to Purchase) to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the indenture governing the 2022 Notes and the Proposed Collateral Release (as defined in the Offer to Purchase) to release all of the collateral securing the 2022 Notes.

D.F. King & Co., Inc. was the tender agent and information agent for the Tender Offer and Consent Solicitation.

About Populus Financial Group

Populus Financial Group™ provides financial services through its family of brands including ACE Cash Express®, ACE Elite™ Visa® Prepaid Debit Card, ACE Flare™ Account by MetaBank® and Porte™. Populus Financial Group delivers a broad range of financial products and services including short-term consumer loans, card services, check cashing, money transfers, bill payments and money orders. Visit PopulusFinancial.com and PorteBanking.com for more information.

SOURCE Populus Financial Group, Inc.