Regional Management Corp. Signs Material Definitive Agreement

TL;DR

RMGT signs a big deal, details TBD.

AI Summary

On October 3, 2024, Regional Management Corp. entered into a material definitive agreement. The filing does not provide specific details about the agreement, its counterparty, or any associated financial figures.

Why It Matters

This filing indicates a significant new contract or partnership for Regional Management Corp., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and impact of the material definitive agreement.

Key Players & Entities

• Regional Management Corp. (company) — Registrant
• October 3, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value RM New York Stock Exchang
• $75,000,000 — (i) increase the commitment amount from $75,000,000 to $125,000,000, (ii) amend the "Advanc
• $125,000,000 — e commitment amount from $75,000,000 to $125,000,000, (ii) amend the "Advance Rate" definiti

Filing Documents

• rm-20241003.htm (8-K) — 47KB
• rm-ex10_1.htm (EX-10.1) — 2055KB
• 0000950170-24-113583.txt ( ) — 2503KB
• rm-20241003.xsd (EX-101.SCH) — 24KB
• rm-20241003_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On October 3, 2024, Regional Management Corp. (the " Company ") and its wholly-owned subsidiary, Regional Management Receivables VII, LLC (" RMR VII "), entered into the Second Amendment to the Credit Agreement and Consent, dated as of October 3, 2024 (the " RMR VII Amendment "), by and among the Company, as servicer, RMR VII, as borrower, Bank of Montreal, as the committed lender, and BMO Capital Markets Corp., as administrative agent (the " Administrative Agent "). The RMR VII Amendment further amends the Credit Agreement, dated as of April 3, 2023 (the " RMR VII Credit Agreement "), by and among the Company, as servicer, RMR VII, as borrower, the lenders and agents parties thereto, the Administrative Agent, and Computershare Trust Company, N.A., as securities intermediary and backup servicer. The RMR VII Credit Agreement was previously filed with the Securities Exchange Commission (the " SEC ") by the Company as Exhibit 10.1 to the Current Report on Form 8-K dated April 6, 2023. The RMR VII Amendment amends the RMR VII Credit Agreement to, among other things, (i) increase the commitment amount from $75,000,000 to $125,000,000, (ii) amend the "Advance Rate" definition to reflect 76.0% and, during the continuation of a "Level I Trigger Event," 72.5%, (iii) address changes to the definitions of "Concentration Limits," "Level I Trigger Event," and "Level II Trigger Event," (iv) add certain additional direct and indirect subsidiaries of the Company to the definition of "Originator," (v) extend the "Scheduled Commitment Termination Date" to October 15, 2026, (vi) make certain clarifications to the eligibility criteria for "Eligible Receivables," and (vii) address amendments to and the incorporation of certain definitions relating to the pledge of participation interests in receivables originated by a bank partner upon the satisfaction of certain conditions . Certain pricing terms were modified pursuant to an ame

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Second Amendment to Credit Agreement and Consent, dated as of October 3, 2024, by and among Regional Management Corp., as servicer, Regional Management Receivables VII, LLC, as borrower, the Bank of Montreal, as the committed lender, and BMO Capital Markets Corp., as administrative agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Regional Management Corp. Date: October 8, 2024 By: /s/ Harpreet Rana Harpreet Rana Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR