CINCINNATI, Ohio, Feb. 19, 2020 – — CNG Holdings, Inc., an Ohio corporation (the “Company”), announced today that it intends to offer to purchase for cash, upon the terms and subject to the conditions set forth in its Offer to Purchase dated as of today, up to $30,000,000 aggregate principal amount (the “Maximum Purchase Amount”) of its 12.5% Senior Secured Notes due 2024.
If Notes in excess of the Maximum Purchase Amount are tendered on or prior to March 3, 2020 (the “Early Tender Date”), tendering Holders will be paid a pro rata portion of the Maximum Purchase Amount based on the principal amount tendered for purchase by such Holder to the aggregate principal amount of all Notes tendered, with consideration given to rounding and minimum denomination requirements. However, if Notes in excess of the Maximum Purchase Amount are not tendered on or prior to the Early Tender Date but are tendered on or prior to March 17, 2020 (the “Expiration Date”), only Holders of the Notes tendered after the Early Tender Date will have their payments prorated, subject to rounding and minimum denomination requirements.
Subject to the terms of the Offer to Purchase, Holders who validly tender and do not withdraw Notes upon acceptance (i) at or prior to 5:00 p.m., New York City time on the Early Tender Date will be paid $965 for each $1,000 of Notes purchased (which includes an early tender premium of $30 per each $1,000 of Notes purchased), or (ii) after 5:00 p.m., New York City time on the Early Tender Date but at or prior to 5:00 p.m., New York City time, on the Expiration Date will be paid only $935 for each $1,000 of Notes purchased (which excludes the early tender premium), in each case, by book-entry transfer in the denominations specified, for purchase.
About CNG Holdings, Inc.
CNG Holdings, Inc. is a privately held leading retail and online provider of financial services focused on serving non-prime consumers across the U.S. The Company has over 24 years of operating history and a strong track record of serving clients through multiple businesses on a multi-channel platform. The Company’s customers are typically working-class, middle-income individuals who have been underserved by traditional banks and financial institutions. The Company offers its customers simple, convenient products to meet their specific credit needs via its nationwide network of retail locations, retailer partnerships and online platform. The Company’s primary product offerings are installment loans, including its Choice Loan product, single-pay loans, lines of credit and other complementary services. The Company conducts business through two segments, more particularly, through WNLI Holdings, Inc. (“WNLI Holdings”), its retail sales finance business segment and Axcess Financial Holdings, Inc. (“Axcess Financial”), its direct-to-consumer financial services business segment. WNLI Holdings provides lease options and retail sales financing to consumers through a network of third-party retailers throughout the U.S. under the brand names TEMPOE, SmartPay Leasing and TEMPOE Financial. Axcess Financial principally conducts business in the U.S. under the brand names Check ‘n Go® and Allied Cash Advance® in its U.S. retail store locations, and under the brand name Check ‘n Go® Online via www.checkngo.com and other websites.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements include, but are not limited to, those concerning the contemplated transaction and strategic plans, expectations and objectives for future events and operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Because forward-looking statements reflect the Company’s current views with respect to future events and are based on assumptions, these statements are inherently subject to a number of risks and uncertainties, many of which are beyond the control of the Company. New risk factors can also emerge from time to time. It is not possible for the Company to predict all of these risks, nor can it assess the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in forward-looking statements. Given these risks and uncertainties, actual future results may be materially different from what the Company plans or expects. The Company will not update forward-looking statements, even if its situation changes in the future, except as required by applicable law. Investors are cautioned that any such statements are not guarantees of future performance.
SOURCE CNG Holdings, Inc.