CompuCredit Sells Jefferson Capital for $130.5 Million
04 8월 2012 - 6:20AM
Marketwired
CompuCredit Holdings Corporation (NASDAQ: CCRT) ("CompuCredit")
today announced that it has sold its charged-off debt buying
operations, Jefferson Capital, to Flexpoint Fund II, L.P. for
$130.5 million, of which $10.8 million will be received by
CompuCredit if certain performance targets are met by December 31,
2014.
"We are very pleased with the terms of this agreement as it
provides us a very favorable return on our Jefferson Capital
investment as well as capital that can be used for expansion of our
point-of-sale retail consumer lending platform, auto lending
platform and other businesses with long-term growth potential that
provide attractive returns," said David G. Hanna, Chairman and CEO
of CompuCredit. "We also are actively exploring other uses of the
capital generated by this sale, including stock buybacks and
dividends, as we remain committed to increasing shareholder
value."
Raymond James acted as financial advisor to CompuCredit and
Troutman Sanders LLP acted as its legal counsel.
About CompuCredit CompuCredit is a
provider of various credit and related financial services and
products to consumers who are underserved by traditional financial
institutions. For more information about CompuCredit, visit
www.CompuCredit.com.
Forward-Looking Statements This press
release contains forward-looking statements. These statements are
based on current expectations, estimates and projections about the
industry and markets in which CompuCredit operates, management's
beliefs, and assumptions made by management. It is important to
note that actual results could differ materially from those
projected in such forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
certain risks and uncertainties that are difficult to predict. For
a detailed discussion of these and other cautionary statements,
please refer to CompuCredit's regulatory filings with the
Securities and Exchange Commission for information and factors that
may impact CompuCredit's performance.
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