PROG Holdings, Inc. Extends Credit Agreement Maturity Date to 2029

PROG Holdings, Inc. (NYSE: PRG) announced today that on November 15, 2024, the company entered into a third amendment to its existing credit agreement. The third amendment, effective as of November 15, 2024, pertains to the credit agreement dated November 24, 2020, involving Progressive Finance Holdings, LLC, the company, certain subsidiaries of the company, several banks and financial institutions, and JPMorgan Chase Bank, N.A., as the administrative agent.

The primary objective of this third amendment was to extend the maturity date of the Credit Agreement originally set for November 24, 2025, to a new date of November 15, 2029. This extension provides the company with an elongated timeline for managing its financial obligations under the agreement.

As per the filing with the Securities and Exchange Commission (SEC), the detailed terms of the Third Amendment to the Credit Agreement are available in Exhibit 10.1 attached to the filing. The company acknowledged that the description of the Third Amendment provided is not exhaustive and that the full text of the amendment is available for reference in the filed document.

Incorporating the information provided in Item 1.01 of the filing, it has been mentioned that this extension also constitutes the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of the registrant.

Under Item 9.01 of the filing, the company disclosed that with regard to the Third Amendment to the Credit Agreement, the only exhibit included is Exhibit 10.1. All other schedules and exhibits have been omitted as allowed under Regulation S-K. The company has ensured that any omitted schedule or exhibit will be furnished to the SEC upon request.

The third amendment signals PROG Holding, Inc.’s proactive approach to managing its financial obligations and ensuring financial flexibility. Brian Garner, Chief Financial Officer at PROG Holdings, Inc., signed the report on behalf of the company on November 19, 2024.

Please note that the content of this report is based on the 8-K SEC filing made by PROG Holdings, Inc. on the specified date. For further details and comprehensive information, readers are encouraged to refer to the full filing available on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PROG’s 8K filing here.

PROG Company Profile

PROG Holdings, Inc (NYSE:PRG) is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.