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Elevate closes initial public offering.

M2 EQUITYBITES-April 12, 2017-Elevate closes initial public offering


Elevate Credit, Inc. (NYSE: ELVT) has closed its initial public offering of 12,400,000 shares of common stock at a price to the public of USD 6.50 per share, the company said.

In connection with the closing, the underwriters fully exercised their option to purchase an additional 1,860,000 shares.

Elevate has now sold a total of 14,260,000 shares of its common stock in connection with its initial public offering for total net proceeds to the company, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by Elevate, of approximately USD 81m.

Elevate will use approximately USD 15m of the net proceeds to repay a portion of the outstanding amount under its convertible term notes, approximately USD 65m of the net proceeds to repay a portion of the outstanding amount under its financing agreement and the remainder, if any, for general corporate purposes, including to fund a portion of the loans made to its customers.

UBS Securities LLC, Credit Suisse Securities (USA) LLC, and Jefferies LLC acted as joint book-running managers and as representatives of the underwriters for the offering. Stifel, Nicolaus & company, Incorporated and William Blair & company L.L.C. also acted as joint book-running managers for the offering.

Elevate (NYSE: ELVT) has originated USD 4bn in nonprime credit to more than 1.6m consumers to date. Its innovative online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers' good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring.

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Publication:M2 EquityBites (EQB)
Date:Apr 12, 2017
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